On April 1, Senorita's Delivery Services acquired a new truck with a list price of $75,000.
Senorita's received a trade-in allowance of $15,000 on an old truck of similar type, paid cash of $10,000, 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, $48,000; accumulated depreciation on December 31, the end of the preceding fiscal year, $32,000; annual depreciation, $8,000. Journalize the entries to record
(a) The current depreciation of the old truck to the date of trade-in and
(b) The transaction on April 1 for financial reporting purposes.