Question: ASAP Please!! During the current year, a company exchanged old equipment costing $64,000 with accumulated depreciation of $50,000 for a new truck. The new truck

ASAP Please!! During the current year, a company exchanged old equipment costingASAP Please!!

During the current year, a company exchanged old equipment costing $64,000 with accumulated depreciation of $50,000 for a new truck. The new truck had a cash price of $80,000 and the company received a $10,000 trade-in allowance on the old truck with the balance of $70,000 paid in cash. Complete the journal entry to record the exchange under the two assumptions below: The transaction lacks commercialssubstance. Debit Credit New Truck Accum Depreciation Loss Old Truck Cash Gain The transaction has commercial substance

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