PROBLEM 15: Monday Co. and Tuesday Co. exchanged machinery. The following data are available on the exchange: Monday Co. Tuesday Co. Machinery 1,000,000 600,000 Accumulated depreciation 600,000 100,000 Fair value 360,000 575,000 Cash paid (received) 215,000 215,000 21. Assuming the transaction has commercial substance, at what amount shall (1) Monday Co. and (2) Tuesday Co. record the machinery in their books after the exchange? A. 500,000; 400,000 B. 360,000; 575,000 C. 575,000; 360,000 D. 615,000; 285,000 22. Assuming the transaction has no commercial substance, at what amount shall (1) Monday Co. and (2) Tuesday Co. record the machinery in their books after the exchange? A. 500,000; 400,000 B. 360,000; 575,000 C. 575,000; 360,000 D. 615,000; 285,000