ACCT 102 Willis Bus Service traded in a used bus for a new one. The original cost of the old bus was $52,000. Accumulated depreciation at thetime of the trade-in amounted to $34,000. The new bus cost $67,000, but Willis was given a trade-in allowance of $10,000.a. What amount of cash did Willis have to pay to acquire the new bus?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 ARequired BWhat amount of cash did Willis have to pay to acquire the new bus?Payment of cashRequired ARequired B >

It is given that Willis bus sevice trade in an already used bus costing $52000 and it is also seen…

s Bus Service traded in a used bus for a new one. The original cost of the old bus was $52,000. Accumulated depreciation at the e of the trade-in amounted to $34,000. The new bus cost $67,000, but Willis was given a trade-in allowance of $10,000. /hat amount of cash did Willis have to pay to acquire the new bus? Compute the gain or loss on the disposal for financial reporting purposes. Complete this question by entering your answers in the tabs below. cequired A Required B hat amount of cash did wWillis have to pay to acquire the new bus? yment of cash < Required A Required B >