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.
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