11. Farmer Watkins buys a new pickup truck for the farm business. The new truck is valued at $45,000. As part of purchase agreement Farmer Joe receives a trade-in value of $7,000 for his old pickup truck (which was purchased 5 years ago at a cost of $40.000 and has accumulated depreciation $32.000). He pays $4.500 in cash as a down payment and finances the rest of the balance with a 3-year loan that has a 5% annual interest rate. the journal entry for the date of purchase. (14 pts) Show Example Answer: Farmer Berends pay his $10,000 electricity bill. Debit S10,000 rating 10/18 Electricity 00 10