9.7 (Algo) Accounting for Trade-ins (LO9-5) Willis Bus Service traded in a used bus for a new one. The original cost of the old bus was $53,500. Accumulated depreciation at th time of the trade-in amounted to $35,900. The new bus cost $78,500 but Willis was given a trade-in allowance of $10,400. a. What amount of cash did Willis have to pay to acquire the new bus? b. Compute the gain or loss on the disposal for financial reporting purposes. Complete this question by entering your answers in the tabs below. Compute the gain or loss on the disposal for financial reporting purposes. Willis Bus Service traded in a used bus for a new one. The original cost of the old bus was $53,500. Accumulated depreciation at th time of the trade-in amounted to $35,900. The new bus cost $78,500 but Willis was given a trade-in allowance of $10,400. a. What amount of cash did Willis have to pay to acquire the new bus? b. Compute the gain or loss on the disposal for financial reporting purposes. Complete this question by entering your answers in the tabs below. What amount of cash did Willis have to pay to acquire the new bus