In 2020, Staged Home Ltd. completed the following transactions involving delivery trucks: July 5 Traded in an old truck and paid $30,660 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) Trade-in allowance Total paid in cash $ 63,100 (32,500) $ 30,680 Dec. 31 Recorded straight-line depreciation on the furniture (to nearest whole nonth). Required: Prepare journal entries to record the transactions. Journal entry worksheet 1 2 > Record the exchange. Note: Enter debits before credits. Date General Journal Debit Credit July 05, 2020 Record entry Clear entry View general journal