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Caleb Co. owns a machine that costs $42, 400 with accumulated depreciation of $18, 400. Caleb exchanges the machine for a newer model that has

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Caleb Co. owns a machine that costs $42, 400 with accumulated depreciation of $18, 400. Caleb exchanges the machine for a newer model that has a market value of $52.000. Record the exchange assuming Caleb paid $30.000 cash and the exchange has commercial substance. Record the exchange assuming Caleb pays $22.000 cesh and the exchange lacks commercial substance

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