Whispering Company purchased an electric wax melter on April 30, 2017, 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		$17,696
Cash paid		11,200
Cost of old melter (5-year life, $784 salvage value)		12,544
Accumulated Depreciation-old melter (straight-line)		7,056
Secondhand fair value of old melter		5,824

Prepare the journal entries necessary to record this exchange, assuming that the exchange (a) has commercial substance, and (b) lacks commercial substance. Whisperings fiscal year ends on December 31, and depreciation has been recorded through December 31, 2016. (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 0 for the amounts.)