Swifty 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, $966 salvage value) Accumulated Depreciation-old melter (straight-line) Secondhand fair value of old melter $21,804 13,800 15,456 8,694 7,176 Prepare the journal entries necessary to record this exchange, assuming that the exchange (a) has commercial substance, and (b) lacks commercial substance. Swifty'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.) Prepare the journal entries necessary to record this exchange, assuming that the exchange (a) has commercial substance, and (b) lacks commercial substance. Swifty'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.) No. Account Titles and Explanation (a) Exchange has commercial substance: Debit Credit (To record current depreciation.) (b) Exchange lacks commercial substance: (To record current depreciation.)