Nimble Deliveries Inc. exchanged a large delivery truck (fair value of $150,000; original cost of $425,000; accumulated depreciation of $260,000) for a different truck that belonged to Long-Distance Movers. The truck from Long-Distance Movers has a fair value of $180,000, original cost of $500,000, and accumulated deprecation of $305,000. All amounts have been updated to the date of the exchange.

Required:

Prepare the journal entry for Nimble Deliveries Inc. for this exchange, assuming:

1. The exchange has commercial substance
2. The exchange lacks commercial substance

Note: You do not need to provide the entries for Long-Distance Movers.