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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
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, 2017, the date of exchange, follows: Cost of old Ford truck Accumulated depreciation of old Ford truck List price of the new Mack truck Trade-in allowance given on the exchange Fair value of the old Ford truck $42,900 33,200 45,900 14,000 11,000 (a) 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.) Debit Credit Date Account Titles and Explanation May 15 >
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