Swifty 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 the purchase.

List price of new melter $16,700

Cash paid 10,600

Cost of old melter (5-year life, $800 salvage value) 11,900

Accumulated depreciationold melter (straight-line) 6,700

Secondhand fair value of old melter 5,500

Prepare the journal entries necessary to record this exchange, assuming that the exchange (a) has commercial substance, and (b) lacks commercial substance. Swiftys fiscal year ends on December 31, and depreciation has been recorded through December 31, 2024. (Credit accounttitles are automatically indented when amountis entered.Do notindent manually. If no entry isrequired,select"No Entry" for the accounttitles and enter 0 for the amounts. List all debit entries before credit entries.)