Current Attempt in Progress Nash Company purchased an electric wax melter on April 30, 2020, by trading in its old gas model and paying the balance in ca The following data relate to the purchase. List price of new melter Cash paid Cost of old melter (5-year life. $882 salvage value) Accumulated Depreciation-old melter (straight-line) Secondhand fair value of old melter $19,908 12,600 14,112 7,938 6,552 Prepare the journal entries necessary to record this exchange, assuming that the exchange (a) has commercial substance, and lacks commercial substance. Nash's fiscal year ends on December 31, and depreciation has been recorded through December 2019. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select Entry" for the account titles and enter O for the amounts.) Debit Credit No. Account Titles and Explanation (a) Exchange has commercial substance: (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.) eTextbook and Media