4 8 points eBook In 2020, Staged Home Ltd. completed the following transactions involving delivery trucks: July 5 Traded in an old truck and paid $31,600 in cash for furniture. The accounting records on July 5 showed the cost of the old truck at $66,000 and related accumulated depreciation of $11,000. The furniture was estimated to have a six-year life and a $14,268 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 $ 65,100 (33,500) $ 31,600 Print 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 < 1 2 Record the exchange. Note: Enter debits before credits. 1 4 8 points eBook Print In 2020, Staged Home Ltd. completed the following transactions involving delivery trucks: July 5 Traded in an old truck and paid $31,600 in cash for furniture. The accounting records on July 5 showed the cost of the old truck at $66,000 and related accumulated depreciation of $11,000. The furniture was estimated to have a six-year life and a $14,268 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 $ 65,100 (33,500) $ 31,600 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 < 1 2 Record the depreciation. Note: Enter debits before credits