PROBLEM 3 rn (1) Braso Co. is planning to trade in its present truck for a new model on April 30 of the current year. The existing truck was purchased May 1 three years ago at a cost of $15,000, and accumulated depreciation is $12,000 through April 30 of the current year. The new truck has a list price of $20,700 Ralston Motors agrees to allow Braso $3,500 for the present truck, and Braso agrees to pay the balance of $17,200 in cash. Instructions: Record the exchange in general journal form assuming that the exchange has economic substance. (Omit explanation.) JOURNAL PAGE POST REF TE DESCRIPTION DEBIT CREDIT