{ 1 } - "This entity (the clock that is completely round and completely square on the campus tower) has the property of nonexistence."
{ 2 } - "It is false that there is exactly one clock that is completely round and completely square on the campus tower."

The first translation is absurd. If we misunderstand the statement this way, then we'll accept nonexistent and self-contradictory entities into our ontology.

The second translation better reveals the statement's meaning. It shows that we can accept that the round-square clock doesn't exist without accepting nonexistent and self-contradictory entities.