Accounting

Sheffield Company purchased an electric wax melter on April 30,2025, by trading in its old gas model and paying the balance in cash. The following data relate to the purchase. Account Titles and Explanation Debit Credit Exchange bas commercial substance: Depreciation Expense Accumulated Deprectation-Equipment (To record current depreciation.) Accumulated Depreciation - Equiprnens Equipment Gain on Disposal of Equipment: Cosh Equipment (To record exchange of the equipment.) Exchange lacks commercial substance: Depreciation Expense Accumulated Depreciation - Equipment: (To record current depreciation.) Accumulated Depreciation - Equipment Equipment: Carh Equipment Gain on Disposal of Equipment (To record exchange of the equipment)