F. Braso Co. is planning to trade in its present truck for a new model on April 30 of the current year. The 2 existing truck was purchased May 1 three years ago at a cost of $30,000, and accumulated depreciation is $24,000 through April 30 of the current year. The new ruck has a list price of $50,000. Relston Motors agrees to allow Braso $7,000 for the present truck, and Braso agrees to pay the balance of $43.000 in cash. Instructions: Record the exchange in general journal form according to acceptable methods of accounting for exchanges. (Omit explanation.)