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		$22,436
Cash paid		14,200
Cost of old melter (5-year life, $994 salvage value)		15,904
Accumulated Depreciation-old melter (straight-line)		8,946
Secondhand fair value of old melter		7,384

Prepare the journal entries necessary to record this exchange, assuming that the exchange (a) has commercial substance, and (b) lacks commercial substance. Orioles fiscal year ends on December 31, and depreciation has been recorded through December 31, 2019