In $2020,$ Staged Home Ltd$.$ completed the following transactions involving delivery trucks:

July $5$ Traded in an old truck and paid $$18,600$ in cash for furniture. The accounting records on July $5$ showed the cost of the old

truck at $$45,000$ and related accumulated depreciation of $$7,500.$ The furniture was estimated to have a six$-$year life and a

$$8,668$ trade$-$in value. The invoice for the exchange showed these items:

Dec. $31$ Recorded straight$-$line depreciation on the furniture $($to nearest whole month$).$

Required:

Prepare journal entries to record the transactions.