Question 20 1 pts On December 31, 2012, a company exchanges machines A and B for a new machine C. The company also receives $5,000 in cash. The transaction is deemed to lack commercial substance. On December 31, 2012, a company exchanges machines A and B for a new machine C. The company also receives $5,000 in cash. The transaction is deemed to lack commercial substance. Machine A was acquired on January 1, 2009, at a cost of $60,000. The machine has an estimated 10-year useful life and scrap value of $10,000. This machine is depreciated using straight-line depreciation Machine A was acquired on January 1, 2009, at a cost of $60,000. The machine has an estimated 10-year useful life and scrap value of $10,000. This machine is depreciated using straight-line depreciation. Machine B was acquired on January 1, 2011, at a cost of $70,000. The machine has an estimated five-year useful life and scrap value of $5,000. This machine is being depreciated using the double-declining method. Machine C has a fair value of $63,400 at December 31, 2012 What is the amount of the credit to Machine B under IFRS and U.S. GAAP on December 31, 2012? O Under IFRS $60,000 and U.S. GAAP $60,000 Under IFRS $60,200 and U.S. GAAP $60,200 Under IFRS $70,000 and U.S GAAP $70,000 Under IFRS $60.200 and U.S. GAAP $60,434