Metlock Ltd. traded a used truck (cost $29,300, accumulated depreciation $26,370, fair value $1,590) for a new truck. Metlock did look up the value of its used truck and determined its fair value at the date of the trade is $1,590. The list price of the new truck is $34,870 and the trade-in allowance given on the trade was $4,520.

If Metlock paid $30,350, what should be the amount used as the cost of the new truck?

The cost of the new truck

$

Prepare Metlock's entry to record the exchange.