During 2021,Melanie's Emporium exchanged an old truck costing $18,000 with accumulated depreciation of $13,000 to the date of exchange for a new truck.The new truck had a cash price of $30,000 and Melanie received a $6,000 trade-in allowance on the old truck.This transaction has commercial substance.Prepare the journal entry to record the exchange.

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The Answer of During 2021,Melanie's Emporium exchanged an old truck costing $18,000 with accumulated depreciation of $13,000 to the date of exchange for a new truck.The new truck had a cash price of $30,000 and Melanie received a $6,000 trade-in allowance on the old truck.This transaction has commercial substance.Prepare the journal entry to record the exchange.

During 2021,Melanie's Emporium Exchanged an Old Truck Costing $18,000 with Accumulated