Jess Pegula Co$.$ exchanges a truck for a similar truck. The transaction has commercial substance.

$$ Original cost of old truck $108,000$

$$ Accumulated depreciation of old truck $80,600$

$$ Fair value of old truck $25,200$

$$ Cash paid by Jess Pegula Co$.$ in trade $8,100$

a$.$ Make the journal entry for the exchange from the point of view of Jess Pegula Co$.$ only.

b$.$ What is the effect of this entry on total assets, liabilities, equity, revenues, expenses, and

net income?