Ivanhoe 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

$$15,200$

Cash paid

$6,600$

Cost of old melter $(5-$year life, $$690$ residual value$),14,190$

Accumulated depreciation on old melter $($straight$-$line$),8,100$

Market value of old melter in active secondary market $,6,440$

Assuming that Ivanhoe's 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 is required, select $"$No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.$)$

Account Titles and Explanation

Debit

Credit