The Chase Company exchanged equipment costing $$240,000$ with accumulated depreciation of $$90,000$ for equipment owned by Jones Corporation. The Jones equipment cost $$330,000$ with accumulated depreciation of $$120,000.$ The fair value of both pieces of equipment was $$300,000.$

Provide the necessary entries to record the transaction on both companies' books assuming:

$(1)$ The assets exchanged are similar and Chase and Jones are in the same line of business.

$(2)$ The assets exchanged are dissimilar.