Sheridan Company purchased a heavy-duty truck on July 1, 2017, for $30,600. It was estimated that it would have a useful life of 10 years and then would have a trade-in value of $6,120. The company uses the straight-line method. It was traded on August 1, 2021, for a similar truck costing $42,840; $16,320 was allowed as trade-in value (also fair value) on the old truck and $26,520 was paid in cash. A comparison of expected cash flows for the trucks indicates the exchange lacks commercial substance. What is the entry to record the trade-in?