A company purchased a truck valued at $62,000. It traded in an old (similar) trick for a

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A company purchased a truck valued at $62,000. It traded in an old (similar) trick for a trade-in allowance of $8,600, meaning the company paid $53,400 cash with the trade-in. The old truck cost $40,000 and had accumulated depreciation of $32,400. Determine the journal entry that will be used to record this transaction. Dr. Truck (new) $62,000, Cr Truck (old) $13,200, Cr Gain on Trade-in $48,800. Dr. Truck (new) $62,000, Dr. Accumulated Depreciattion $32,400, Cr Truck (old) $40,000 credit cash $53,400, and Cr Gain on Trade-in $1,000. Dr Truck (new) $61,000 Dr Accumulated Depreciation $32,400, Cr Truck (old) $40,000 and Cr Cash $53,400.0