Carla 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: List price of new press Cash paid Cost of old press (10-year life, $1,100 residual value) Accumulated depreciation-old press (straight-line) Second-hand market value of old press $25,000 13,200 35,600 27,300 7,300 Prepare the journal entries necessary to record this exchange, assuming that the exchange (a) has commercial substance, and (b) lacks commercial substance. Carla'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 O for the amounts. List all debit entries before credit entries.)