2020, by trading in its old gas model and paying the balance in cash. The following data relate to the purchase. List price of new melter Cash paid Cost of old melter (5-year life, $700 salvage value) Accumulated depreciationold melter (straight-line) Secondhand fair value of old melter $15,800 10,000 11,200 6,300 5,200 Instructions Prepare the journal entry(ies) necessary to record this exchange, assuming that the exchange

(a) has commercial substance