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Prepare journal entries necessary to record this exchange

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Question - Flounder 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 $19,592

Cash paid 12,400

Cost of old melter (5-year life, $868 salvage value) 13,888

Accumulated Depreciation-old melter (straight-line) 7,812

Secondhand fair value of old melter 6,448

Required - Prepare the journal entries necessary to record this exchange, assuming that the exchange (a) has commercial substance, and (b) lacks commercial substance. Flounder's fiscal year ends on December 31, and depreciation has been recorded through December 31, 2019.

Reference no: EM133092787

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