On March 15, 2021, Eastern Corporation exchanged an older van with a fair value of $14,000 for a truck with a manufacturer's suggested retail value of $60,000. The original cost of the older van was $85,000 and has accumulated depreciation of $70,000 to the date of exchange. A trade-in allowance of $20,000 was given for the van, and the remainder was paid in cash. REQUIRED: Prepare the journal entry to record the exchange on March 15, 2021. L