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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.
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