On September 12, Teal Company agreed to an exchange of assets with another company. Teal gave up a machine with an original cost of $50,100. $30,900 in accumulated depreciation had been recorded on this machine over the course of Teals ownership. Teal determined that the machine being given up had a fair value of $18,000. Teal also paid $7,100 in cash. Assume that Teal follows IFRS and that the transaction has commercial substance. Prepare the journal entry to record the asset exchange on Teals books. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Date	Account Titles and Explanation	Debit	Credit
Sept. 12	Accumulated Depreciation-Machinery (new)Accumulated Depreciation-MachineryCashGain on Disposal of MachineryLoss on Disposal of MachineryMachinery (new)Machinery (old)
	Accumulated Depreciation-Machinery (new)Accumulated Depreciation-MachineryCashGain on Disposal of MachineryLoss on Disposal of MachineryMachinery (new)Machinery (old)
	Accumulated Depreciation-Machinery (new)Accumulated Depreciation-MachineryCashGain on Disposal of MachineryLoss on Disposal of MachineryMachinery (new)Machinery (old)
	Accumulated Depreciation-Machinery (new)Accumulated Depreciation-MachineryCashGain on Disposal of MachineryLoss on Disposal of MachineryMachinery (new)Machinery (old)
	Accumulated Depreciation-Machinery (new)Accumulated Depreciation-MachineryCashGain on Disposal of MachineryLoss on Disposal of MachineryMachinery (new)Machinery (old)