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Machinery acquired at a cost of $80,000 and on which there is accumulated depreciation of $55.000 (including depreciation for the current year to date) is exchanged for similar machinery. Assume that the transaction has commercial and Tow and reporting purposes, present entries to record the exchange of the machinery under each of the following assumption a. Price of new, $120,000; trade-in allowance on old, $4,000; balance paid in cash. If an amount box does not respire an entry, leave blank. b. Price of new, $120,000; trade-in allowance on old, $34,000; balance paid in cash. If an amount box does not require an entry, leave it blank