Problem H-2 Property & Equipment Part 1. Deli Catering is trading in its old delivery truck for a new model. The list price of the new model is $35,000 but the negotiated price is $33,000. The old truck cost $30,000 and has accumulated depreciation of $27,000 at the time of the trade in. Required: a. Record the exchange (debits and credits), assuming the additional cash paid is $29,00o. b. Record the exchange, assuming the additional cash paid is $31,000. Part 2. The Valley Hotel is remodeling its fitness center and is disposing of exercise equipment.. that cost $20,000 and has accumulated depreciation of $18,000. Required Record the disposal (debits and credits) under each of the following conditions: a. The equipment is scrapped. b. The equipment is sold for $4,000. C. The equipment is sold for $1000