REVIEW SESSION 1- asset exchanges e 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 6,600 Second hand market value of old press Prepare the journal entry(ies) necessary to record this exchange, assuming that the exchange (a) has commercial substance, and (b) lacks commercial substance. Ward's fiscal year ends on December 31, and depreciation has been recorded through December 31, 2020.