Crane 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.

List price of new melter

Cash paid

Cost of old melter $(5-$year life, $$600$ salvage value$)$

Accumulated depreciation$-$old melter $($straight$-$line$)$

Secondhand fair value of old melter

$$16,100$

$10,200$

$11,400$

$6,400$

$5,300$

$10,200$

$11,400$

$6,400$

$5,300$

Prepare the journal entries necessary to record this exchange, assuming that the exchange $($a$)$ has commercial substance, and $($b$)$ lacks commercial substance. Crane's fiscal year ends on December $31,$ and depreciation has been recorded through December $31,2024.($Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts. List all debit entries before credit entries.$)$