On July $1$ of $2018,$ Jericho Drilling decided to trade his old Dump truck that he acquired on January $1$ of $2014$ and had a five year useful life under the straight line approach, for a new truck that will not increase productivity and profitability. The cost of the old truck was $$65,000,$ however it has a fair value of $$25,000.$ The dealership indicated that it would give Jericho a trade in credit of $$10,000.$ The list price of the new Truck is $$80,000.$