Current Attempt in Progress Cannondale Company purchased an electric wax meltier on April 30, 2025, 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 Cash paid $15,000 10,000 11,200 Accumulated depreciation-ald melter (straight-line) 6.300 Secondhand fair value of old melter 5,200 Cost of old melter (5-year life. $700 salvage value) Prepare the journal entries necessary to record this exchange, assuming that the exchange (al has commercial substance, and (b) lacks commercial substance. Cannondale's fiscal year ends on December 31, and depreciation has been recorded through December 31, 2024. (Credit account titles are automatically indented when amount is enters Do 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 credit entries No. Account Titles and Explanation (a) Exchange has commercial substance: Debit Credit (To record current depreciation) (To record exchange of the equipment) (b) Exchange lacks commercial substance (To record current depreciation.) (To record exchange of the equipment)