Presented below are two independent transactions. Both transactions have commercial substance. 1 2. Concord Inc. trades its used machine (cost $11,580 less $3,860 accumulated depreciation) for a new machine. In addition to exchanging the old machine (which had Bridgeport Co. exchanged old trucks (cost $60,000 less $18,000 accumulated depreciation) plus cash of $16,500 for new trucks. The old trucks had a fair value of $38,700. a fair value of $10,620), Concord also paid cash of $3,100 Prepare the entry to record the exchange of assets by Bridgeport Co. (Credit account titles are automatically indented when 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.) Debit Account Titles and Explanation Credit