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Prepare the journal entries that are necessary

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Question - Crane Ltd. 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 $16,000

Cash paid 6,500

Cost of old melter (5-year life, $690 residual value) 12,690

Accumulated depreciation on old melter (straight-line) 7,200

Market value of old melter in active secondary market 6,080

Assuming that Crane's fiscal year ends on December 31 and depreciation has been recorded through December 31, 2019, prepare the journal entries that are necessary to record this exchange.

Reference no: EM133074151

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