Ayayai Company purchased an electric press on June 30,2025 , by trading in its old gas model and paying the balance in cash. The following data relate to the purchase: Prepare the journal entries necessary to record this exchange, assuming that the exchange (a) has commercial substance, and (b) lacks commercial substance. Ayayai's fiscal year ends on December 31, and depreciation has been recorded through December 31 , 2024. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries.) No. Account Titles and Explanation Debit Credit (a) Exchange has commercial substance: Depreciation Expense Accumulated Depreciation-Equipment 367 (To record current depreciation.) Equipment 27,667 Accumulated Depreciation-Equipment Gain on Disposal of Equipment Cash Equipment (To record exchange of the equipment.) (b) Exchange lacks commercial substance: Depreciation Expense Accumulated Depreciation-Equipment (To record current depreciation.) Equipment Accumulated Depreciation-Equipment Gain on Disposal of Equipment Cash Equipment (To record exchange of the equipment.)