Kingbird Inc. traded a used vehicle $($cost $$23,300,$ accumulated depreciation $$20,100)$ for another used vehicle with a fair value of $$3,560.$ Kingbird also paid $$300$

cash in the transaction.

Prepare the journal entry to record the exchange, assuming the transaction lacks commercial substance. $($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.$)$

Account Titles and Explanation

Debit

Credit