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Kingbird Ltd. traded a used truck (cost $29,600, accumulated depreciation $26,640, fair value $2,370) for a new truck. Kingbird did look up the value of its used truck and determined its fair value at the date of the trade is $2,370. The list price of the new truck is $35,480 and the trade-in allowance given on the trade was $5,330.
Question 1: If Kingbird paid $30,150, what should be the amount used as the cost of the new truck?
Question 2: Prepare Kingbird's entry to record the exchange. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts
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