Bussell Company exchanged the following assets during 2016:

Feb. 1	Acquired a newer machine by paying $4,000 cash and giving up a machine that originally cost $40,000, has a book value of $25,000, and is worth $30,000.
Feb. 1	Same facts as above (newer machine worth $30,000), except that the asset being surrendered has a book value of $33,000.
Apr. 1	Acquired a newer machine by giving up a machine that originally cost $45,000, has a book value of $20,000, and is worth $32,000. In addition, $5,000 cash was received.
Apr. 1	Same facts as above (machine with an original cost of $45,000), except that the asset being surrendered has a book value of $36,000.
Jul. 1	Acquired a newer machine worth $90,000 by giving up a machine of equal value. The machine surrendered had originally cost $150,000 and has a book value of $80,000.
Jul. 1	Same facts as above (new machine worth $90,000), except that the asset being surrendered has a book value of $94,000.
Oct. 1	Acquired a building in exchange for land that had originally cost $130,000 and is now worth $200,000.
Oct. 1	Same facts as above (acquired a building in exchange for land), except that $30,000 was paid.
Oct. 1	Same facts as above (acquired a building in exchange for land), except that $20,000 was received.

	Required:
1.	Prepare Bussells journal entry to record each acquisition. Assume all exchanges were determined to have commercial substance.
2.	Consider the July 1st acquisition where Bussell acquired a newer machine worth $90,000 by giving up a machine of equal value. The machine surrendered had originally cost $150,000 and has a book value of $80,000. Assume the exchange does not have commercial substance and prepare journal entries to record the exchange.
3.	What is the justification of accounting for the exchange differently when the exchange has commercial substance versus when it does not?