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 melterCash paidCost of old malter $(5-$year life, $$650$ residual value$)$Accumulated depreciation on old melter $($straight$-$line$)$Market value of old melter in active secondary market$$15,7008,90012,6507\mathrm{.}2005,920$Assuming that Crane's fiscal year ends on December $31$ and depreciation has been recorded through December $31,2022,$ prepare th journal entries that are necessary to record this exchange. $($Credit account titles are automatically indented when the amount is entered. D not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter O for the amounts. List all debit entries before credentries.$)$Account Titles and ExplanationDebitCredit$($To record depreciation expense to date of exchange$)$

$($To record equipment exchange$)$