4 5 Date of trade-in Useful life Company's year end 2021-10-06 5 2021-12-31 On October 6, 2021, Western Farms Co, traded in an old tractor for a new one, receiving a $XXX trade in allowance and paying the remaining 5XXX in cash The old tractor cost $XXX, and straight-line depreciation of $XXX had been recorded as of October 6, 2021 Assume the fair value of the new tractor was equal to the trade in allowance of the old tractor plus the cash paid Trade-in allowance $56,820 Cash payment $163,180 Old tractor cost $190.550 7 Accumulated depreciation - old tractor $105,550 1 9 REQUIRED 10 a. What is the carrying amount of the old tractor? 11 b. What amount should be debited to the new Tractor account? c. What is the gain or loss on the exchange? (show the amount as positive regardless of whether it is a gain or 12 loss) 14 d. Record the exchange, Date Account Titles Debit Credit ALL AMOUNTS IN THE GREEN BOXES MUST BE CELL REFERENCED FROM THE DATA ABOVE 16 17 Duestion 1 Question 2 Question 3 Question 4 REQUIRED: 10 la. What is the carrying amount of the old tractor? b. What amount should be debited to the new Tractor account? c. What is the gain or loss on the exchange? (show the amount as positive regardiess of whether it is a gainor 11 12 loss 14 d. Record the exchange ALL AMOUNTS IN THE GREEN BOXES MUST BE CELL REFERENCED FROM THE DATA ABOVE Debit Credit Date Account Titles 15 16 12 18 19 20 21 22 23 24