MArtinez 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 $24,600. Prepare the journal entries necessary to record this exchange, assuming that the exchange, assuming that the exchange (a) has commercial substance, and (b) lacks commercial substance. Martinez's fiscal year ends on December 31, and depreciation has been recorded through December 31, 2024.