In 2020, Staged Home Ltd. completed the following transactions involving delivery trucks: July 5 Traded in an old truck and paid $25,600 in cash for furniture. The accounting records on July 1 showed the cost of the old truck at $36,000 and related accumulated depreciation of $6,000. The furniture was estimated to have a six-year life and a $6,268 trade-in value. The invoice for the exchange showed these items: Price of the furniture (equal to its fair value) Trade-in allowance Total paid in cash $ 45,100 (19,500) $ 25,600 Dec. 31 Recorded straight-line depreciation on the furniture (to nearest whole month). Required: Prepare journal entries to record the transactions. View transaction list Journal entry worksheet - Activate Windo Go to Settings to act