Crane Ltd purchased a delivery truck on July 1, 2024. The list price of the new truck was $86.000 Crane offered a used truck as a trade-in on the purchase. The used truck had been purchased for $41,000 and the accumulated depreciation to date of the exchange was $37,700. Crane looked up the fair value of the used truck on a local web site and found that its used truck had resale value of $5,300. The dealer offered a $7.200 trade-in allowance on the purchase of the new truck. The deal was concluded and Crane paid $78,800 on the exchange. On November 112024, a set of snow tires were purchased for $1,100. On December 31, 2024, the company's year-end, Crane recorded depreciation using the straight-line method, using an estimated useful life of 6 years and an estimated residual value of $6.100. On January 2, 2025, an inexperienced driver had an accident and totally destroyed the truck. The insurance company paid Crane $75,900 for the truck. a b. id Record the transaction on July 1, 2024 Record the transaction on November 1, 2024. Record the adjusting entry on December 31, 2024. Record the transaction on January 2, 2025.