Crane Ltd. purchased an electric wax melter on April 30, 2020. b trading in its old gas model and paying the balance in cash. The following data relate to the purc ase: List price of new melter $15,900 Cash paid 9,600 Cost of old melter [5year life, 8660 residual value] 11,160 Accumulated depreCIation on old melter (straightline]6,300 Market value of old melter in active secondary market 5.220 Assuming that Crane's 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. {Credit account tities are automaticaiiy indented when the amount is entered. Do not indent manuaiijr. if no entry is required, seiect "No Entry" for the account tities and enter 0 for the amounts.) Account Titles and Explanation Debit Credit enter an account title to record depreciation expense to date of exchangeenter a debit amountenter a c enter an account title to record depreciation expense to date of exchangeenter a debit amountenter a c (T 0 record depreciation expense to date of exchange] enter an account title to record equipment exchange enter a debit amountenter a t enter an account title to record equipment exchange enter a debit amountenter a 1 enter an account title to record equipment exchange enter a debit amountenter a I enter an account title to record equipment exchange enter a debit amountenter a t enter an account title to record equipment exchange enter a debit amountenter a 1 (To record equipment exchange}