Tommy's Trucks Co traded in a used truck for a new one. The original cost of the old truck was $52,600 Accumulated depreciation at the time of the trade in amounted to $35,500. The new truck cost $71,500 but Tommy's Trucks was given a trade in allowance of $10,100 a. What amount of cash did Tommy's Trucks have to pay to acquire the new truck? b. Compute the gain or loss on the disposal for financial reporting purposes. Complete this question by entering your answers in the tabs below. Required A Required B What amount of cash did Willis have to pay to acquire the new bus? Payment of cash Required Required B > Tommy's Trucks Co, traded in a used truck for a new one. The original cost of the old truck was $52,600. Accumulated depreciation at the time of the trade in amounted to $35,600. The new truck cost $71,500 but Tommy's Trucks was given a trade-in allowance of $10,100 a. What amount of cash did Tommy's Trucks have to pay to acquire the new truck? b. Compute the gain or loss on the disposal for financial reporting purposes. Complete this question by entering your answers in the tabs below. Required A Required B Compute the gain or loss on the disposal for financial reporting purposes.