Lance and Armstrong exchanged assets and the exchange did have commercial substance. The asset Lance gave up had an original cost of $75,000, accumulated depreciation of $25,000, and a fair market value of $55,000. The asset Armstrong gave up had an original cost of $190,000, accumulated depreciation of $100,000, and a fair market value of $77,000. Armstrong received $22,000 in the exchange. Prepare the entries both Lance and Armstrong should make to reflect the exchange