Caleb Company owns a machine that had cost $50,000 with accumulated depreciation of $22,200. Caleb exchanges the machine for a newer model that has a market value of $60,000. 1. Record the exchange assuming Caleb paid $33,800 cash and the exchange has commercial substance. 2. Record the exchange assuming Caleb paid $25,800cash and the exchange has commercial substance. Journal entry worksheet Record the exchunge assuming Caleb poid $33,800 cosh and the exchange has commerciel substance. Note: Enter debits belore tredits. Journal entry worksheet Record the exchange assuming Caleb paid $33,800 cash and the exchange has commercial substance. Note: Enter debits before credits. Journal entry worksheet Record the exchange assuming Caleb paid $25,800 cash and the exchange has commercial substance. Note: Enter debits before credits