Blossom uses a variety of alternatives to finance its acquisitions. Record the acquisition of each of these assets, assuming that Blossom prepares financial statements in accordance with IFRS. Use the net amount to record the note. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry isrequired,select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries. Round capitalization rate to 2 decimal places, e.g. 52.75% and final answersto 0 decimal places, e.g. 5,275.)

Asset 4

A truck was acquired by trading in an older truck that has the same value in use. The newer truck has options that will make it more comfortable for the driver; however, the company remains in the same economic position after the exchange as before. Facts concerning the trade-in are as follows:

Cost of truck traded $108,000

Accumulated depreciation to date of exchange 38,000

Fair market value of truck traded 87,000

Cash paid by Blossom 17,000

Fair market value of truck acquired 104,000