Reference no: EM132503320
Gandalf Engineering had a large Ford delivery truck it traded in for a new Mack truck. The relevant information concerning the two trucks, on May 15, 2021, the date of exchange, follows:
Cost of old Ford truck $42,800
Accumulated depreciation of old Ford truck 33,500
List price of the new Mack truck 45,600
Trade-in allowance given on the exchange 13,700
Fair value of the old Ford truck 10,700
Question 1: Prepare the journal entry to record the purchase of the Mack truck using the Ford truck as a trade in. Gandalf paid the appropriate amount of cash for the remaining balance on 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.)
Question 2: If Gandalf had not offered the Ford truck as a trade-in, what amount should have been recognized on the purchase of the Mack truck?
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