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Entries for Trade of Fioxed Asset On October 1, Bentley Delivery Services acquired a new truck with a list price (fair market value) of $125,000. Bentley Delivery received a trade-in allowance (fair market value) of $16,600 on an old truck of similar type and paid cash of $108,400. The foliowing information about the old truck is obtained from the account in the equipment ledger: cost, $72,000, accum depreciation on December 31, the end of the preceding fiscal year, $48,000; annual depreciation, $12,000. Assume the exchange has commercial substance a. Journalize the entry to record the current depreciation of the old truck to the date of trade-in. Sournalize the entry to record the trarsaction on July 1. If an amoust box does not require an entry, leave it blank a. Journalize the entry to record the current depreciation of the old truck to the date of trade-in. b. Journalize the entry to record the transaction on July 1. If an amount box does not require an entry, leave it bla Accounts Receivable Accumulated Depreciation-Trucks Cash Depreciation Expense-Trucks Old Truck on an old truck of similar type and paid cash of $108,400. The following intoPmatiuil aDoul depreciation on December 31, the end of the preceding fiscal year, $48,000; annual depreciation, s a. Journalize the entry to record the current depreciation of the old truck to the date of trade-in Accumulated Depreciation-Trucks Cash Depreciation Expense-Trucks Repairs and Maintenance Expense d the transaction on July 1. If an amount box does not require an e Trucks

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