Crane Ltd. purchased an electric wax melter on April 30, 2023, 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		48,060
Cash paid		10,200
Cost of old melter (5-year life, 670 residual value)		12,910
Accumulated depreciation (old melterstraight-line)		7,300
Fair value of old melter		5,260

Prepare the journal entries necessary to record this exchange, assuming that the exchange (a) has commercial substance, and (b) lacks commercial substance. Cranes year ends on December 31, and depreciation has been recorded through December 31, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Include in your journal entry separate account entries for both the new and old equipment. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

No.	Account Titles and Explanation	Debit	Credit
(a)	Exchange has commercial substance:
	enter an account title to record current depreciation	enter a debit amount	enter a credit amount
	enter an account title to record current depreciation	enter a debit amount	enter a credit amount
	(To record current depreciation.)
	enter an account title to record exchange of the equipment	enter a debit amount	enter a credit amount
	enter an account title to record exchange of the equipment	enter a debit amount	enter a credit amount
	enter an account title to record exchange of the equipment	enter a debit amount	enter a credit amount
	enter an account title to record exchange of the equipment	enter a debit amount	enter a credit amount
	enter an account title to record exchange of the equipment	enter a debit amount	enter a credit amount
	(To record exchange of the equipment.)
(b)	Exchange lacks commercial substance:
	enter an account title to record current depreciation	enter a debit amount	enter a credit amount
	enter an account title to record current depreciation	enter a debit amount	enter a credit amount
	(To record current depreciation.)
	enter an account title to record exchange of the equipment	enter a debit amount	enter a credit amount
	enter an account title to record exchange of the equipment	enter a debit amount	enter a credit amount
	enter an account title to record exchange of the equipment	enter a debit amount	enter a credit amount
	enter an account title to record exchange of the equipment	enter a debit amount	enter a credit amount
	(To record exchange of the equipment.)