Crane Ltd. 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		$16,000
Cash paid		6,500
Cost of old melter (5-year life, $690 residual value)		12,690
Accumulated depreciation on old melter (straight-line)		7,200
Market value of old melter in active secondary market		6,080

Assuming that Cranes fiscal year ends on December 31 and depreciation has been recorded through December 31, 2019, prepare the journal entries that are necessary to record this exchange. (Hint: Consider an electric wax melter as an equipment.) (Credit account titles are automatically indented when the 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.)

Account Titles and Explanation	Debit	Credit
enter an account title to record depreciation expense to date of exchange	enter a debit amount	enter a credit amount
enter an account title to record depreciation expense to date of exchange	enter a debit amount	enter a credit amount
(To record depreciation expense to date of exchange)
enter an account title to record equipment exchange	enter a debit amount	enter a credit amount
enter an account title to record equipment exchange	enter a debit amount	enter a credit amount
enter an account title to record equipment exchange	enter a debit amount	enter a credit amount
enter an account title to record equipment exchange	enter a debit amount	enter a credit amount
enter an account title to record equipment exchange	enter a debit amount	enter a credit amount
(To record equipment exchange)