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1) On April 1 of the current year, a company traded an old machine that...

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Accounting

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1) On April 1 of the current year, a company traded an old machine that originally cost $16 and that had accumulated depreciation of $12 for a similar new machine that had a cash price of $20. (all numbers are in thousands of dollars) 1. Prepare the entry to record the exchange under the assumption that a $3 trade-in allowance was received and the balance of $15 was paid in cash. Assume the exchange transaction had commercial substance. 2. Prepare the entry to record the exchange under the assumption that instead of a $2 trade-in allowance, a $6 trade-in allowance was received and the balance of $14 was paid in cash. Assume the exchange transaction has commercial substance

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