BE 10- 12 Spencer Ltd. traded a used truck {cost $30,000, accumulated depreciation $21,006, fair value $2,000) for a new truck with a fair value of $33,000. Spencer also made a cash payment of $31,000. Prepare Spencer's entry to record the exchange, and state any assumptions that you have made. BE 10- 13 Use the information for Spencer Ltd. from 351012. The same used truck is being traded, but Spencer does not know the fair value of the new truck. Spencer did look up the value of its used truck and determined its fair value at the date of the trade is $2,000. The list price of the new truck is $35,000 and the trade-in allowance given on the trade was 55,000. If Spencer paid $31,000, what should he the amount used as the cost of the new truck? Prepare Spencer's entry to record the exchange