Wilson Corporation exchanged an old truck and $30,000 cash for a new truck. The old truck had a book value of $7,000 (original cost of $28,000 less $21,000 in accumulated depreciation) and a fair value of $8,200.

Required: 1. Prepare the journal entry to record the exchange. Assume the exchange has commercial substance. 2. Prepare the journal entry to record the exchange assuming that the exchange lacks commercial substance.