Record the following Journal Entry for March 3, 2019:

Vision Audio Visual Products, Inc. traded in the company's fleet of service vans which were originally purchased for $150,000 for new vans with a market price of $180,000. Paid $18,000 in cash and $150,000 in a note payable. The company has depreciated the old vans using the straight-line method of depreciation and assumed a 5-year service life with no residual value.

Adjusted entry for March 31, 2019:

The fleet of new Vans is assumed to have a residual value (trade in) of $10,000. The company has decided to depreciate the new vans based on miles driven. The company estimates each van will be driven an average of 100,000 miles before being traded in. During the month of March, the average miles for the fleet of vans was 2,100 miles.