On April 1, O'Dell Co. acquired a new truck with a list price of $80,000. O'Dell received a trade-in allowance of $29,000 on an old truck of similar type, paid cash of

$11,000, and gave a series of five notes payable for the remainder. The following information about the old truck is obtained from the account in the equipment ledger: cost, $62,500; accumulated depreciation on December 31, the end of the preceding fiscal year, $36,000; annual depreciation, $6,000. Journalize the entries to record

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

(b) The transaction on April 1 for financial reporting purposes.