Example 11-3

How do I update depreciation and record exchange of plant asset for similar asset (L.O.2)

Eagle Moving Company purchased a new moving van on October 1, 2017. The cash price of the new van was $67,500, and the company received a trade-in allowance of $11,200 for a 2015 model. The balance was paid in cash. The 2015 model had been acquired on January 1, 2015, at a cost of $45,000. Depreciation has been recorded through December31, 2016, on a straight-line basis, with three years of expected useful life and no expected salvage value. The exchange has commercial substance.

I just need help making a journal entries to update the depreciation and to record the exchange of the moving vans.