unless instructed otherwise Journalize the following asset exchanges. Assume each transaction has commercial substance 11/1 Williams Company exchanged a used autograph-signing machine with Doerr Company for a similar machine with less use. Williams' old machine originally cost $50,000 and had accumulated depreciation of $40,000, as well as a market value of $40,000, at the time of the exchange. Doerr's old machine originally cost $60,000 and at the time of the exchange had a book value of $30,000 and a market value of $32,000. Doerr gave Williams $8,000 cash as part of the exchange. 11/9 Williams exchanged construction equipment with Musial Company. The equipment cost Williams $75,000, but has a current book value of $40,000. Musial paid $50,000 cash to Williams for the equipment. 11/14 Williams has a truck that the CEO considers a gas guzzler and he trades it for a new truck of similar type. The old truck cost $25,000 and has a current book value of $10,000. This transaction is deemed not to have commercial substance. 11/22 Williams Company exchanged equipment costing $190,000 with accumulated depreciation of $60,000 for equipment owned by Salvo Corporation. The Salvo equipment cost $305,000 with accumulated depreciation of $105,000. The fair value of Salvo's equipment was $275,000. Williams paid $50,000 cash to Salvo as part of the transaction. 11/30 Williams Company exchanged a machine costing $400,000 with accumulated depreciation of $280,000 for a machine from Pesky Company. Pesky paid $20,800 cash in addition to its machine which has a fair value of $160,000