eBook Calculator Entries for Trade of Fored Asset On October 1, Bentley Delivery Services acquired a new truck with a list price (fair market value) of $151,000. Bentley Delivery received a trade in allowance (fair market value) of $22,000 on an old truck of similar type and paid cash of $129,000. The following information about the old truck is obtained from the account in the equipment ledger: cost, 596,000; accumulated depreciation on December 31, the end of the preceding fiscal year, $64,000; annual depreciation, $16,000. Assuming that the exchange has commercial substance a. Journalire the entry to record the current depreciation of the old truck to the date of trade-in. b. Journal the entry to record the transaction on October 1 an amount box does not require an entry leave it blank