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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 $42,700 Accumulated depreciation of old Ford truck 34,100 List price of the new Mack truck 44,600 Trade-in allowance given on the exchange 12,700 Fair value of the old Ford truck 9,700 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 enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit 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