On1/1/23 black company exchanged machines with white company

The following information was provided by black company regarding the machine

Machine cost $350,000

Accumulated depreciation 200,000

Fair market value 190,000

In exchange for its machine black received a machine with a fair market value of $161,500 plus cash to make up for the difference in the value of the machines

Instructions

A)journalize the exchange on the books of black company assuming it has commercial substance

B) journalize the exchange on the books of black company assuming it lacks commercial substance

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