Company exchanged a machine for a similar machine owned by Cowboy 6. On August 1, Gold Company and also received S 7,000 cash from Cowboy Company. Gold machine had an original oost of $80.000, accumulated depreciation to date of $14,500, and a fair market value of $60,000 Cowboy's machine had an original cost of S95,000 and a book value of $45,000 and a fair value of $53,000. Required: Prepare the necessary journal entry by Gold Company to record this transaction. Prepare the necessary journal entry by Cowboy Company to record this transaction. a. b