During the current year, a company exchanged old equipment costing $$64,000$ with accumulated depreciation of $$50,000$ for a new truck. The new truck had a cash price of $$80,000$ and the company received a $$10,000$ trade$-$in allowance on the old truck with the balance of $$70,000$ paid in cash. Complete the journal entry to record the exchange under the two assumptions below: The transaction has commercial substance.