The Barlow Corporation acquired a truck in exchange for a machine. The machine cost $30,000 and has a book value of $10,000 and a fair value of $12,000. The truck has a cost of $35,000 and a book value of $12,000 and a fair value of $13,000. Barlow gave consideration of $1,000 in the exchange.

Prepare the journal entries for Barlow Corporation to record the exchange.