Oriole 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 Cash paid Cost of old melter (5-year life, $1,050 salvage value) Accumulated Depreciation-old melter (straight-line) Secondhand fair value of old melter $23,700 15,000 16,800 9,450 7.800 Prepare the journal entries necessary to record this exchange, assuming that the exchange (a) has commercial substance, and (b) lacks commercial substance. Oriole'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 O for the amounts.) Debit Credit No. Account Titles and Explanation (a) Exchange has commercial substance: Depreciation Expense 1050 Accumulated Depreciation Equipment 1050 (To record current depreciation.) Equipment 29250 Accumulated Depreciation-Equipment 10500 Cash 15000 Equipment 16800 Gain on Disposal of Equipment 7950 (To record exchange of the equipment.) Exchange lacks commercial substance: (b) Depreciation Expense 1050 Accumulated Depreciation-Equipment 1050 (To record current depreciation.) Equipment 29520 Accumulated Depreciation-Equipment 10500 Cash 15000 Equipment 16800 Gain on Disposal of Equipment 7950 (To record exchange of the equipment.)