In 2023, Staged Home Ltd. completed the following transactions involving delivery trucks: July S Traded in...

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In 2023, Staged Home Ltd. completed the following transactions involving delivery trucks: July S Traded in an old truck and paid $31,600 in cash for furniture. The accounting records on July 5 showed the cost of the old truck at $66,000 and related accumulated depreciation of $11,000. The furniture was estimated to have a six-year life and a $14,268 trade-in value. The invoice for the exchange showed these items: Price of the furniture (equal to its fair value) Trade-in allowance Total paid in cash $ 65,100 (33,500) $31,600 Dec. 31 Recorded straight-line depreciation on the furniture (to nearest whole month). Required: Prepare journal entries to record the transactions. View transaction list In 2023, Staged Home Ltd. completed the following transactions involving delivery trucks: July S Traded in an old truck and paid $31,600 in cash for furniture. The accounting records on July 5 showed the cost of the old truck at $66,000 and related accumulated depreciation of $11,000. The furniture was estimated to have a six-year life and a $14,268 trade-in value. The invoice for the exchange showed these items: Price of the furniture (equal to its fair value) Trade-in allowance Total paid in cash $ 65,100 (33,500) $31,600 Dec. 31 Recorded straight-line depreciation on the furniture (to nearest whole month). Required: Prepare journal entries to record the transactions. View transaction list