requirement 2 please

On April 22, 2022, Gomez Company exchanged machinery with an appraised value of $3,483,000, a recorded cost of $5,300,000 and accumulated depreciation of $2,650,000 with Jones Corporation for machinery Jones Corporation owns. The machinery of Jones Corporation has an appraised value of $3,337,500, a recorded cost of $6,310,000, and accumulated depreciation of $3,470,500. Jones Corporation also gave Gomez Company $145,500 in the exchange. Assume depreciation has already been updated Required: 1) Prepare the entries on both.companies' books assuming that the exchange had commercial substance 2) Prepare the entries on both companies books assuming that the exchange did not have commercial substance