Diamond Inc. exchanged machinery with an appraised value of $1, 170,000, a recorded cost of $1, 800,000 and accumulated depreciation of $900,000, for machinery that Export Corp. owns. Export's machinery has an appraised value of $1, 140,000, a recorded cost of $2, 160,000, and accumulated depreciation of $1, 188,000. Export also gave Diamond $30,000 in the exchange. Assume depreciation has been updated to the date of exchange. Required: Prepare the entries on both companies' books assuming that the transaction has commercial substance. Prepare the entries on both companies' books assuming that the transaction lacks commercial substance