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Pearl Corporation traded a used truck for a new truck. The used truck cost $24,200 and has accumulated depreciation of $20,570. The new truck is

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Pearl Corporation traded a used truck for a new truck. The used truck cost $24,200 and has accumulated depreciation of $20,570. The new truck is worth $42,350. Pearl also made a cash payment of $39,930. Prepare Pearl's entry to record the exchange. (The exchange has commercial substance.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Account Titles and Explanation Debit Credit Trucks 42350 Accumulated Depreciation-Trucks 20570 24200 Cash 39930 Loss on Disposal of Trucks 1210

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