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 $ 43,600 Accumulated depreciation of old Ford truck 33,500 List price of the new Mack truck 46,400 Trade-in allowance given on the exchange 14,500 Fair value of the old Ford truck 11,500 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. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit 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. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Credit Debit Account Titles and Explanation May 15 V V If Gandalf had not offered the Ford truck as a trade-in, what amount should have been recognized on the purchase of the Mack truck? $ Purchase price