Cannondale Company purchased an electric wax melter on April 30, 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 15-year life, 5700 salvage value) Accumulated Depreciation old melter straight line Secondhand fair value of old melter $15,800 10.000 11.200 0,300 5.200 Prepare the journal entries necessary to record this exchange, assuming that the exchange has commercial substance, and (o lack commercial substance Cannondale's fiscal year ends on December 31, and depreciation has been recorded through December 31. 2019. (Credit account titles are automatically indented when amount is entered. Do net indent manually. If no entry is required, select "No Entry for the account titles and enter for the amount.) Debit Credit No. Account Titles and Explanation (a) Exchange has commercial substance: (To record current depreciation.) (To record exchange of the equipment.) (b) Exchange lacks commercial substance: (To record current depreciation) (To record exchange of the equipment.) (b) Exchange lacks commercial substance: (To record current depreciation.) (To record exchange of the equipment.)