Pharoah Corporation would like to purchase a new truck, but the dealer will not accept Pharoah's old truck as a trade$-$in on purchase.

Pharoah looked up the value of its old truck on Auto Trader and found that it had a fair value of $$15,000.$ After recording depreciation

on the old truck to the date of sale, Pharoah sold its used truck for $$13,420$ cash. The carrying amount of the old truck is $$16,650$ and it

was originally purchased for $$36,000.$

Prepare the appropriate journal entry for the disposal of the truck. $($Credit account titles are automatically indented when the amount is

entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select $"$No Entry" for the account titles and

enter $0$ for the amounts.$)$

Account Titles and Explanation

Debit

Credit