In $2023,$ Staged Home Ltd$.$ completed the following transactions involving delivery trucks:

July $5$ Traded in an old truck and paid $$30,600$ in cash for furniture. The accounting records on July $5$ showed the cost of the old truck at $$63,000$ and related accumulated depreciation of $$10,500.$ The furniture was estimated to have a six$-$year life and a $$13,468$ trade$-$in value. The invoice for the exchange showed these items:

Price of the furniture $($equal to its fair value$)$

$\backslash$table$[[$$$63,100$

Trade$-$in$-$allowance $(32,500)$

Total paid in cash $30600$

Record straigth$-$line depreciation on the furniture $($to the nearest whole month$).$

Prepare journal entries to record the transactions

a$.$ Record exchange of old truck for furniture

b$.$ Record the depreciation