QS 8-14A Asset exchange LO P5 a machine that costs $42.400 wth accumulated depreciation of $18.400. Caleb exchanges the machine for a newer model that has a market value of $52,000 1. Record the exchange assuming Caleb paid $30,000 cash and the exchange has commercial substance ange assuming Caleb pays $22.000 cash and the exchange lacks commercial substance 3 Answer is not complete. Credit Debit 52,000 2.000 18,400 No Transaction General Journal Machinery (new) Loss on exchange of assets Accumulated depreciation-Machinery (old) Machinery (old) Cash 42,400 30,000 Machinery (new) Accumulated depreciation-Machinery (old) 2 46.000 o al 18,400 Machinery (old) Cash 42.400 22,000 3:497 Notes Done April 5, 2019, 3:49 PM What am I missing and what is wrong? 1 2 3 4 567 8 9 0 ABC space return