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TOC company exchanged no. of used trucks plus cash for a semi-truck. The used trucks have a combined book value of $42,000 (Cost=64,000 less Acc.dep=

TOC company exchanged no. of used trucks plus cash for a semi-truck. The used trucks have a combined book value of $42,000 (Cost=64,000 less Acc.dep= 22,000). The used trucks have a fair value of $49,000. TOC company will also pay extra $11,000 cash for the semi-truck.
Calculate cost of semi-truck and record journal entries.

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