Carolina Co purchased a machine at a cost of $780,000 on January 1, 2016. On January 1, 2021, the balance of the Accumulated depreciation account on this old machine is $320,000, On that day, Carolina exchanged this old machine for a new machine (the transaction has commercial substance) which has a market value of $432,000. In addition Carolina received $48,000 cash in the exchange Instructions (1) Prepare all the necessary journal entries for Carolina Co on January 1, 2021 (6 points) (2) Now, assume that the transaction lacks commercial substance and prepare all the necessary journal entries on January 1, 2021. (7 points)