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Question 3 Gandalf Engineering had a large Ford delivery truck it traded in for a new Mack truck. The relevant information concerning the two trucks, on May 15, 2017, the date of exchange, follows: Cost of old Ford truck $42,800 Accumulated depreciation of old Ford truck 33,500 List price of the new Mack truck 45,600 Trade-in allowance given on the exchange 13,700 Fair value of the old Ford truck 10,700 Prepare the journal entry to record the purchase of the Mack truck using the ford truck as a trade in. Gandalf paid the appropriate amount of cash for the remaining balance on the exchange. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and entero for the amounts.) Date Account Tities and Explanation Debit Credit by Study May 15 nisinn Inn Wissons.fac are autor (creen accounts for the amounts.) C om mande egree, select No Entry for the account Debit Credit Date Account Titles and Explanation May 15 If Gandalf had not offered the Ford truck as a trade-in, what amount should have been recognized on the purchase of the Mack truck? Purchase price Question Attempts: 0 of 1 used SAVE FOR LATER