Problem 7-3. During the year, Olsen Company traded an automobile plus $8,400 in cash to Barry Company for another automobile. The car Olsen used as a trade-in originally had cost $16,000, of which $14,500 has been depreciated. Olsen also purchased new office furniture during the year. The list price of the furniture was $9,600. Olsen paid $3,350 cash plus gave the furniture company a used truck. This truck had a net book value of $6,250; it had originally cost $19,860, and had recently been appraised at $5,500. Required Record the above transactions on Olsen Company's books.