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Larkspur Ltd. traded a used truck (cost $30,200, accumulated depreciation $27,180, fair value $1,950) for a new truck with a fair value of $32,680. Larkspur

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Larkspur Ltd. traded a used truck (cost $30,200, accumulated depreciation $27,180, fair value $1,950) for a new truck with a fair value of $32,680. Larkspur also made a cash payment of $30,730. Prepare Larkspur's entry to record 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 for the amounts.) Account Titles and Explanation Debit Credit

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