A Company Exchanged an Old Truck for a Newer Model

Essay

A company exchanged an old truck for a newer model.The old truck account had a cost of $76,000 and accumulated depreciation of $65,000 as of the exchange date.The new truck had a cash price of $84,000,but the company was given a $15,000 trade-in allowance and the balance of $69,000 was paid in cash.Prepare the journal entry to record the exchange.