The following data relate to the purchase. List price of new melter $17,700 Cash paid 11.200 Cost of old melter (5-year life, $800 salvage value) 12.500 Accumulated depreciation--old melter (straight-line) 7.100 Secondhand fair value of old melter 5,800 Prepare the journal entries necessary to record this exchange, assuming that the exchange (a) has commercial substance, and (b) lacks commercial substance. Skysong's fiscal year ends on December 31, and depreciation has been reconded through December 31, 2024 (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. List all debit entries before credit entries) No. Account Titles and Explanation (a) Exchange has commercial substance: Debit Credit (To record current depreciation) (To record exchange of the equipment) (b) Exchange lacks commercial substance: (To record current depreciation) (To record exchange of the equipment)