On July 2, 2021, True Rock Corporation exchanged automotive equipment that was purchased on January 2, 2020 for a machine. Information pertaining to this transaction follows: \begin{tabular}{|l|r|r} \hline Cost of the automotive equipment given up & $ & 306,841 \\ \hline Estimated useful life of the automotive equipment given up & & 10 \\ \hline Residual value of the automotive equipment given up & $ & 2,640 \\ \hline Fair value of the machine received in the exchange & $ & 294,969 \\ \hline Fair value of the automotive equipment given up & $ & 280,221 \\ \hline Cash given up in the exchange by True Rock Corporation & $ & 1,456 \\ \hline \end{tabular} True Rock depreciated the automotive equipment using the straight-line method. Required: 1. Prepare True Rock Corporation's journal entry to account for the exchange, assuming that the transaction lacks commercial substrance. 2. Prepare True Rock Corporation's journal entry to account for the exchange, assuming that the transaction has commercial substrance