Coronado Company purchased an electric wax melter on April 30, 2017, 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 $22,752

Cash paid 14,400

Cost of old melter (5-year life, $1,008 salvage value) 16,128

Accumulated Depreciation-old melter (straight-line) 9,072

Secondhand fair value of old melter 7,488

Prepare the journal entries necessary to record this exchange, assuming that the exchange

(a) has commercial substance, and

(b) lacks commercial substance. Coronados fiscal year ends on December 31, and depreciation has been recorded through December 31, 2016.