Gandalf Engineering had a large Ford delivery truck it traded in for a new Mack truck. The relevant information concerning the two trucks, on May 15, 2021, the date of exchange, follows:

Cost of old Ford truck		$43,500
Accumulated depreciation of old Ford truck		33,300
List price of the new Mack truck		46,600
Trade-in allowance given on the exchange		14,700
Fair value of the old Ford truck		11,700

Prepare the journal entry to record the purchase of the Mack truck using the Ford truck as a trade in. Gandalf paid the appropriate amount of cash for the remaining balance on the exchange.