Sheridan Ltd. 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 $15,300 Cash paid 7,800 Cost of old melter (5-year life, $770 residual value) 14,270 8.100 Accumulated depreciation on old melter (straight-line) Market value of old melter in active secondary market 6,610 Assuming that Sheridan's fiscal year ends on December 31 and depreciation has been recorded through December 31, 2019, prepare the journal entries that are necessary to record this exchange. (Hint: Consider an electric wax melter as an equipment.) (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 for the amounts.) "No Entry" for the account titles and enter o for the amounts.) Account Titles and Explanation Debit Credit (To record depreciation expense to date of exchange) word ominment exchange