An alternative way to dispose of an asset is to trade it in for another asset. A pickup, for example, when traded in must be removed along with the accumulated depreciation from the books. Let's assume that Smith Motors in Wahpeton as the following situation: 2008 Chevrolet 4 x 4 Pickup with 169,000 miles is traded in for a new 2021 Chevrolet Silverado 4 x 4 1500 LTD Crew Cab. 2008 Chevy 4 x 4 Purchase Price Accumulated Depreciation 2008 Chevy 4 x 4 Book Value $27,500.00 $19,500.00 $8,000.00 The new 2021 Chevrolet Silverado 4 x 4 1500 LTD Crew Cab is priced at $53,970.00. Smith Motors will accept the 2008 Chevy as a trade-in and give the individual $6,500.00 for it. The remaining amount owing will be paid by the buyer in cash. Directions: Record the journal entry for the transaction on December 6, 2021 from the buyer's perspective. (Include an explanatory note) Date Account Title and Explanation Debit Credit