Person Co. exchanged (traded) an old machine for a new one. Besides giving up its old machine, Person Co. had to pay $24,000 in cash. The old machine had cost Person Co. $80,000 and had $62,000 of accumulated depreciation at the time of the exchange. The exchange did have commercial (i.e., economic) substance. The fair market value of the old machine at the time of the trade was $15,000. The journal entry to record the exchange would include: Accumulated Depreciation should be credited for $62,000 The New Machine should be recorded at $24,000 A Loss of $3,000 should be recorded No journal entry since the exchange 'had commercial substance'