Sarasota Compucy purchaned an electric press on June 30,2025 , by trading in its old ah enodel and paying the balance in cash . The following data relate to the purchase: ListpriceofnewprossCashpaidCostofoldpres(10yearlife,$1,100residualvalue)Accumalatedbepreciation-oldpress(straight-line)Secondhandmarketvalueofoldpress$25,30013,00035,30027,0006,800 Prepare the journd entries necessary to record this exdlange, aswuming that the exchange (a) has commercial substance, and fb, lack commercial substance. Sarasotas fiscal vear ends on December 31, and depreciation has been recorded through December 31,2024. C Ced t occount bitler are eutomoticolly indented when anount is entered. Do not indent manually. If no entry is mequired, sedect Wo Ertty for the occount tities and enter ofor the amounts, thit ell debit entries before credit entiles. No. Account Titles and Explanation Debit Credit (a) Exchansehascommercial substance: (To record current depreciation) (To record exchange of the equipment] (b) Exchange laxks commercialspbstanse: (Torecord current depreclation) (To rocoed exchange af the equipment)