Sage Company traded a used truck for a new truck. The used truck cost $31,200 and has accumulated depreciation of $28,080. The new truck is worth $38,480. Sage also made a cash payment of $37,440. Prepare Sages entry to record the exchange. (The exchange lacks commercial substance)

Dr: Trucks (news): ?

Dr: Accum. Depreciation : 28080

Dr: Loss on Disposal: ?

Cr: Trucks (used): 31200

Cr: Cash: 37440