Problem 11-3 Update depreciation and record exchange of plant asset for similar asset (L.0, 2) Eagle Moving Company purchased a new moving van on October 1, 2017. The cash price of the new van was $67,500, and the company received a trade-in allowance of $11,200 for a 2015 model. The balance was paid in cash. The 2015 model had been acquired on January 1, 2015, at a cost of $45,000. Depreciation has been recorded through Decem- ber 31, 2016, on a straight-line basis, with three years of expected useful life and no expected salvage value. The exchange has commercial substance. Required Prepare journal entries to update the depreciation and to record the exchange of the mov. ing vans