Company traded a used truck plus cash for a new truck on December 31 2021 The used truck cost The used truck accumulated depreciation $ 55,000 $ 45,000 The company made a cash payment of $ 60,000 The new truck is worth (fair value) $ 65,000 Note: The exchange has commercial substance. NOTE: The company includes trucks in the "Equipment" line of the balance sheet. 1 Prepare the journal entry to record the trade (exchange). Date Account Debit Credit