Presented below are two independent transactions. Both transactions have commercial substance. 1. Rangi Co. exchanged old trucks (cost $64,000 less $22,000 accumulated depreciation) plus cash of $17,000 for new trucks. The old trucks had a fair value of $36,000. 2. Dryad Inc. trades its used machine (cost $12,000 less $4,000 accumulated depreciation) for a new machine. In addition to exchanging the old machine (which had a fair value of $9,000), Dryad also paid cash of $3,000. Instructions (a) Prepare the entry to record the exchange of assets by Rangi Co. (b) Prepare the entry to record the exchange of assets by Dryad Inc