Novak Company purchased an electric wax melter on April 30, 2025, by trading in its old gas model and paying the balance in cash. The following data relate to thepurchase. Prepare the journal entries necessary to record this exchange, assuming that the exchange (a) has commercial substance, and (b) iacks commercial substance. Novak's fiscal year ends on December 31 , and depreciation has been recorded through December 31,2024. (Credit account titles are outomatically indented when omount is entered. Do not indent manuolly. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. (ist all debit entries before credit entries) (b) Exchange lacks commercial substance: (To record current depreciation.) (To record exchange of the equipment.)