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The current depreciation of the old truck

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1. On April 1, Gyminny Delivery Services acquired a new truck with a list price (fair market value) of $150,000. Gyminny received a trade-in allowance of $30,000 on an old truck of similar type and paid cash of $120,000. The following information about the old truck is obtained from the account in the equipment ledger: cost, $96,000; accumulated depreciation on December 31, the end of the preceding fiscal year, $64,000; annual depreciation, $16,000. Assuming the exchange has commercial substance, journalize the entries to record 

(a) The current depreciation of the old truck to the date of trade-in and 

(b) The transaction on April 1. 

Reference no: EM131127928

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