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3. Malawi Auto traded one of its used trailers on Jul 1, 2014 for another used trailer with a fair value of $26,400. Malawi also paid cash of $600 to complete the transaction. The ----oldtrailerwa?fiu75hasedonfiJanuarrt,-2816-had-aworiginal-costcfr5l546660'and-was- depreciated using the straight me method. lt had an estimated useful life of 10 years and no residual value. Malawi has a December 31 year end. (7 marks) Required Prepare all required journal entries for 2014