Grouper 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 (D) lacks commercial substance. Grouper's fiscal year ends on December 31, and depreciation has been recorded through December 31,2024. (Credit account titles are automotically 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. (ist all debit entries before credit entries.) (Torecord exchange of the equipment.) (b) Exchangelacks commercial substance: (To record current depreciation) (To record exchange of the equipment.)