In 2023, Staged Home Ltd. completed the following transactions involving delivery trucks: July 5 Traded in an old truck and paid $26,600 in cash for furniture. The accounting records on July 5 showed the cost of the old truck at $39,000 and related accumulated depreciation of $6,500. The furniture was estimated to have a six-year life and a $7,068 residual value. The invoice for the exchange showed these items: Price of the furniture (equal to its fair value) $ 47,100 Trade-in allowance (20,500 ) Total paid in cash $ 26,600 Dec. 31 Recorded straight-line depreciation on the furniture (to nearest whole month)