Nash Company purchased an electric wax melter on Apri 30,2025, by trading in its old gas model and paying the balance in cash. The following data relate to the purchase. Prepare the journal entries necessary to record this exchange, aswuming that the exchange (a) has coimmercial substance, and (b) tacks commercial substance. Nash's fiscal vear ends on December 31 , and depreciation has been recorded through December 31.2024 (Credit occount tities are autometically indented when amcunt is entered. Do not indent manaally if no entry is required, select "We En try" for the account titles and enter O for the omounts. List all debit entries before credit entries) Question 7 of 9 No. Account Tites and Explanation Debit Credit (a) Exchangehascommercialsubstance; depreciation (To record current depreciation) to to cash (To record exchange of the equipment.) (b) Exchanse lacks commercialsubstanse: (1o record exchangeor the equipment:)