QUESTION 5 5. The company has an old truck (original cost $40,000, book value $5,000) which is traded in for a new truck. The new truck has a market value of $50,000. The company pays $3,000 and signs a note payable for $40,000. Make the journal entry to record this transaction. Debit New Truck 50,000, Accumulated Depreciation 35,000; Credit Old Truck 40,000, Notes Payable 40,000, Cash 3,000, Gain 2,000 Debit New Truck 50,000, Accumulated Depreciation 22,000, Loss 1,000; Credit Old Truck 30,000, Cash 3,000 and Notes OB. Payable 40,000 Debit New Truck 50,000, Accumulated Depreciation 5,000, Loss 28,000; Credit Old Truck 40,000, Note Oc. Payable 40,000, Cash 3,000 Cannot do a journal entry to record an old truck and a new truck O Cannot de