View Policies Current Attempt in Progress Ayayai 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 $22.752 Cash paid 14.400 Cost of old melter (5-year life. $1,008 salvage value) 16.128 Accumulated Depreciation-old melter (straight-line) 9,072 Secondhand fair value of old melter 7,488 Prepare the journal entries necessary to record this exchange, assuming that the exchange () has commercial substance, and (b) lacks commercial substance. Ayayai'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 for the amounts.)