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On July 1, Potts Delivery Services acquired a new truck with a list price (fair market value) of $80,000. Potts received a trade-in allowance of $15,000 on an old truck of similar type and paid cash of $65,000. The following information about the old truck is obtained from the account in the equipment ledger: cost, $60,000; accumulated depreciation on December 31, the end of the preceding fiscal year, $42,000; annual depreciation, $7,500. 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 July 1.
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