Problem 9-17A Partial year's depreciation; exchanging PPE LO2, 3, 6 In 2020, Staged Home Ltd. completed the following transactions involving delivery trucks: July 5 Traded in an old truck and paid $28,100 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: Price of the furniture (equal to its fair value) Trade-in allowance Total paid in cash $ 58,100 (30,000) $ 28,100 Dec. 31 Recorded straight-line depreciation on the furniture (to nearest whole month). Required: Prepare journal entries to record the transactions. Answer is not complete. No Date General Journal Debit Credit 1 July 05, 2020 Furniture 58,100 Accumulated depreciation, truck Loss on disposal Truck 9,250 9,250 28,100 X 2 December 31, 2020 Depreciation expense, furniture Accumulated depreciation, furniture 4,842 4,842 X