Cullumber Company its old gas model and purchase: rchased an electric press on June 30, 2025, by trading im ying the balance in cash. The following data relate to the List price of new press Cash paid Cost of old press (10-year life, $1,100 residual value) Accumulated depration-old press (straight-line) Second-hand market value of old press $24,400 12,300 35,200 27,200 6,800 W Prepare the journal entries necessary to record this exchange, assuming that the exchange (a) has commercial substance, and (b) lacks commercial substance. llumber's fiscal year ends on December 31, and depreciation has been recorded through December 31, 2024. (Credit account titles are automatically

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