QS 8-22A (Algo) Asset exchange LO P5 Caleb Company owns a machine that had cost $44.400 with accumulated depreciation of $19,400. Caleb exchanges the machine for a newer model that has a market value of $55,000 1. Record the exchange assuming Caleb paid $31,000 cash and the exchange has commercial substance. 2. Record the exchange assuming Caleb pold $23,000 cash and the exchange has continercial substance View transaction list Journal entry worksheet QS 8-22A (Algo) Asset exchange LO P5 Caleb Company owns a machine that had cost $44,400 with accumulated depreciation of $19,400, Caleb exchanges the machine for a newer model that has a market value of $55,000 1. Record the exchange assuming Caleb paid $31.000 cash and the exchange has commercial substance 2. Record the exchange assuming Caleb paid $23,000 cash and the exchange has commercial substance View transaction ist Journal entry worksheet Record the exchange assuming Caleb paid $23,000 cash and the exchange has commercial substance. Note: Enter debts before credits