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 1. Record the exchange assuming Caleb paid $30,000 cash and the exchange has commercial substance. 2. Record the exchang e assuming Caleb pays $22,000 cash and the exchange lacks commercial substance. View transaction list Journal entry worksheet 2 Record the exchange assuming Caleb paid $30,000 cash and the exchange has commercial substance. Note: Enter debits before credits General Journal Debit Credit Transaction Record entry