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 journal entries to record the transactions. View transaction lit 1 Record the exchange. 2 Record the depreciation Creu Note: = journal entry has been entered