=+Appendix 2 EX 10-28 Entries for trade of fixed asset On April 1, Gyminny Delivery Services acquired a new truck with a list price (fair market value) of $150,000. Gyminny received a trade-in allowance of $30,000 on an old truck of similar type and paid cash of $120,000. The following information about the old truck is obtained from the account in the equipment ledger: cost, $96,000; accumulated depreciation on December 31, the end of the preceding fiscal year, $64,000; annual depreciation, $16,000. Assuming the exchange has commercial substance, journalize the entries to record

(a) the current depreciation of the old truck to the date of trade-in and

(b) the transaction on April 1.