5. European University of Lefke has an old bus that originally cost $20000 and has an accumulated depreciation of $17000. EUL trades in this old bus for a new one with a fair market value of $26000.

The bus dealership grants EUL a trade-in allowance of $2000 for the old bus and EUL pays the remaining $24000 cost of the new bus in cash. (20 points)

Calculations:

Date	Debit		Credit	Db	Cr