Problem 9-17A Partial year's depreciation; exchanging PPE LO2, 3, 6 In 2020, Staged Home Lid. completed the following transactions involving delivery trucks: July 5 Traded in an old truck and paid $28, 100 in cash for furniture. The accounting records on July 5 showed the cost of the old truck at $55, 500 and related accumulated depreciation of $9, 250. The furniture was estimated to have a six-year life and a $11,468 trade-in value. The invoice for the exchange showed these items: ces Price of the furniture (equal to its fair value) $ 58, 100 Trade-in allowance (30, 600) Total paid in cash $ 28, 100 Dec. 31 Recorded straight- line depreciation on the furniture (to nearest whole month) . Required: Prepare journal entries to record the transactions. View transaction list Journal entry worksheet