Exercise 16-7 Objective: To record a trade of a plant asset Timmers Company traded in an old delivery truck for a new o truck was $23,300, and the related accumulated depreciation balance of S19,500 after being updated to the date of the trade. Tm cost ate of the trade. Timmerst allowance of $3,300 against the $29,900 list price of the new th Directions: Prepare the journal entry to record the trade, assuming method and (b) the income tax method. assuming (a) the