Cullumber 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 $15,900 Cash paid 8,900 Cost of old melter (5-year life, $760 residual value) 11,260 Accumulated depreciation on old melter (straight-line) 6,300 Market value of old melter in active secondary market 5,450 Assuming that Cullumbers fiscal year ends on December 31 and depreciation has been recorded through December 31, 2022, prepare the journal entries that are necessary to record this exchange. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry isrequired,select "No Entry" for the account