Newhart Co$.$ exchanged an old truck and $$25,500$ cash $($Newhart paid cash$)$ for a new truck. The old truck had cost $$25,000$ and had $$19,000$ of accumulated depreciation. The fair value of the old truck is $$7,700.$ From the point of view of Newhart:

a$.$

Make the journal entry for the exchange assuming the exchange has commercial substance. Also report the effects on total assets, liabilities, equity, revenues, expenses, and net income. Give both direction and amount.

b$.$

Make the journal entry for the exchange assuming the exchange lacks commercial substance. Also report the effects on total assets, liabilities, equity, revenues, expenses, and net income. Give both direction and amount.