A company traded in an old delivery truck for a new one. The old truck had a cost of $70,000 and accumulated depreciation of $55,500. The new truck had an invoice price of $120,000. The company was given a trade-in allowance of $11,000 on the old truck, which means it paid $109,000 in addition to the old truck to acquire the new truck.

Determine the journal entry that will be used to record this transaction.   

Answer rating: 100% (QA)

The journal entry to record the transaction of trading in the old delivery truck for a new one would ... View the full answer