QS 8-14A Asset exchange LO P5 Caleb Co. owns a machine that costs $42.400 with accumulated model that has a market value of $52,000 depreciation of $18400. Caleb exchanges the machine for a newer 1. Record the exchange assuming Caleb paid $30.000 cash and the exchange has commercial substance 2. Record the exchange assuming Caleb pays $22,000 cash and the exchange lacks commercial substance 3 Answer is not complete. No Transaction General Journal Debit Credit 01 52,000 o Machinery (new) Loss on exchange of assets Accumulated depreciation-Machinery (old) 2,000 01 18,4000 Machinery (old) Cash 42,400 30,000 Machinery (new) Accumulated depreciation-Machinery (old) 2 46,000 184000 Machinery (old) Cash 2.400 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