Ivanhoe Engineering had a large Ford delivery truck it traded in for a new Mack truck. The relevant information concerning the two trucks, on May $15,2024,$ the date of exchange, follows:

Cost of old Ford truck

Accumulated depreciation of old Ford truck

List price of the new Mack truck

Trade$-$in allowance given on the exchange

Fair value of the old Ford truck

$$43,500$

$33,800$

$46,100$

$14,200$

$11,200$

Prepare the journal entry to record the purchase of the Mack truck using the Ford truck as a trade in$.$ Ivanhoe paid the appropriate amount of cash for the remaining balance on the exchange. $($Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts. List all debit entries before credit entries.$)$

Date Account Titles

May $15$

Debit

Credit

Q

Search

ENC US

$\backslash$times

$52$

DII

F$5$

o$.$

F$6$

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