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Wendell Corporation exchanged an old truck and $25.500 cash fot a new truck The old truck had a book value of $6.000 (origina! cost of $25,000 less $19,000 in accumulated depreciation) and a fair value of $7,700 Requited: 1. Prepare the journal entry to record the exchange. Assume the exchange has commercial substance 2. Prepare the journat entry to record the exchange assuming that the exchange locks commerolal substance. Complete this question by entering your answers in the tabs below. Prepare the journal entry to record the exchange. Assume the exchange has commercial substance. Note: If no entry is roquired for a transactionvevent, select "Nio Journal entry required" in the fint acmunt fiold. Journal entry worksheet Record the exchangs of an old truck and 125,500 cash for a new truck. The old truck had a book vatue of $6,000 (onginal cost of $25,000 less $19,000 in accumulated depreciation) and a fair value of 57,700 . Acsumn the transaction has commeroal substance. Wendel corporat on exchanged an old truck and $25.500 cash for a new truck The oid truck hed a book value of $6.000 (original cost of $25,000 less $19.000 in accumalated depreciations and a fair yalue of $7,700. Required: 1. Prepare the joumal entry to record the exchange. Assume the excrange has commercial substance. 2. Prepare the joumai entry to record the exchange atsuming that the exchange lachs conmercia suocance. Complete this question by entering your answers in the tabs belove. Prepere the fouthal entey to recerd the exchange astuming that the nucharpe lacks coenmeccual wintance. Journal entry worksheet Fecord the exichange of an etd truck and $25,500 cash far a new truck. The facks commercial autstanse