In 2020, Staged Home Ltd, completed the following transactions involving delivery trucks: July 5 Traded in an old truck and paid $16,100 in cash for furniture. The accounting records on July 5 showed the cost of the old truck at $51,000 and related accumulated depreciation of $8,500. The furniture was estimated to have a six-year life and a $10,268 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 $ 55,100 (39,000) $ 16,100 Dec. 31 Recorded straight-line depreciation on the furniture (to nearest whole month). Required: Prepare joumal entries to record the transactions