Current Attempt in Progress Stellar Company purchased an electric wax melter on April 30, 2020, 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 $23.384 Cash paid 14.800 16576 Cost of old melter (5-year life, $1,036 salvage value) Accumulated Depreciation-old melter (straight-line) 9.324 Secondhand fair value of old melter 7,696 Prepare the journal entries necessary to record this exchange, assuming that the exchange (a) has commercial substance, and (b) lacks commercial substance. Stellar's fiscal year ends on December 31, and depreciation has been recorded through December 31. 2019. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts) No. Account Titles and Explanation Debit Credit (a) Exchange has commercial substance: Depreciation Expertise 1036 Accumulated Depreciation Equipment 1036 (To record current depreciation) Equipment 24272 Accumulated Depreciation Equipment 8584 Equipment 16576 Cash 14800 Gain on Disposal of Equipment 1480 To record exchange of the equipment.) (b) Exchange lacks commercial substance: Depreciation Expense 1036 Accumulated Depreciation Equipment 1036 (To record current depreciation.) Equipment Accumulated Depreciation Equipment 8584 Equipment 16576 Cash 14800 (To record exchange of the equipment.)