On August 1, Golden Company exchanged a machine for a similar machine owned by Colt Company and received $7,000 cash from Colt Company. Golden's machine had an original cost of $80,000, accumulated depreciation to date of $14,500, and a fair market value of $60,000. Colt's machine had an original cost of $ 95,000 (book value of $45,000) and a fair value of $53,000. Required: 1) Prepare the necessary journal entry by Colt Company to record this transaction, assuming the exchange has A) Commercial Substance & B) No Commercial Substance. Please

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