Presented below are two independent transactions:

1. Noyes Co. exchanged trucks (cost \(\$ 64,000\) less \(\$ 22,000\) accumulated depreciation) plus cash of \(\$ 17,000\) for new trucks. The old trucks had a fair market value of \(\$ 36,000\). Prepare the entry to record the exchange of similar assets by Noyes Co.

2. Greg Inc. trades its used accounting machine (cost \(\$ 12,000\) less \(\$ 4,000\) accumulated depreciation) for a new accounting machine. In addition to exchanging the old accounting machine (which had a fair market value of \(\$ 9,000\) ), Greg also paid cash of \(\$ 2,000\). Prepare the entry to record the exchange of similar assets by Greg Inc.