Ward Company purchased an electric press on June 30, 2015, by trading in its old gas model and paying the balance in cash. The following data relate to the purchase. List price of new press $24,800 Cash paid $12,000 Cost of old press (10-year life, $1,000 residual value) $35,000 Accumulated Depreciation- old press (straight-line) $27,200 Second- hand market value of old press $6,600

Prepare the journal entry(ies) necessary to record this exchange, assuming that the exchange (a) has commercial substance, and (b) lacks commercial substance.