Faubert Company began operations on January $1,$ Year $1.$ The company has drafted its Year $5$ comparative financial statements.

Adjusting Journal Entries have been recorded; the Year $5$ books are still open. Faubert will be audited for the first time. Auditors have discovered the following possible errors:

Faubert exchanged an old machine for a similar machine on December $31,$ Year $5.$ Original cost of the old machine was $$66,000$; Updated accumulated depreciation was $$30,000.$ The newer machine had a fair value of $$38,000$; Faubert received $$2,000$ in the exchange. The exchange did not have commercial substance, but Faubert recorded the event as if the event had commercial substance.

REQUIRED

$1.$ Correcting journal entries, if applicable, for items a$.$ through j$.$ If no correcting journal entry is needed, indicate $"$No CJE."