Teal Mountain Ltd. traded a used truck (cost $31,200, accumulated depreciation $28,080, fair value $1,790) for a new truck. Teal Mountain did look up the value of its used truck and determined its fair value at the date of the trade is $1,790. The list price of the new truck is $36,880 and the trade-in allowance given on the trade was $4,910. If Teal Mountain paid $31,970, what should be the amount used as the cost of the new truck? The cost of the new truck $ Prepare Teal Mountain's entry to record the exchange. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit
Accounts Payable
Accumulated Depreciation - Equipment
Accumulated Depreciation - Leasehold Improvements
Accumulated Depreciation - Machinery
Accumulated Depreciation - Vehicle Overhaul
Accumulated Depreciation - Vehicles
Advertising Expense
Asset Retirement Obligation
Buildings
Cash
Common Shares
Contributed Surplus - Donated Capital
Cost of Goods Sold
Deferred Revenue - Government Grants
Depreciation Expense
Donation Revenue
Equipment
Finance Expense
Gain on Disposal of Buildings
Gain on Disposal of Equipment
Gain on Disposal of Machinery
Gain on Disposal of Vehicles
Gain on Vehicle Overhaul
Gain or Loss in Value of Investment Property
GST Receivable
Interest Expense
Interest Payable
Inventory
Investment Property
Land
Land Improvements
Legal Expense
Loss on Disposal of Buildings
Loss on Disposal of Equipment
Loss on Disposal of Machinery
Loss on Disposal of Vehicles
Loss on Vehicle Overhaul
Machinery
Mineral Resources
Mortgage Payable
No Entry
Notes Payable
Office Expense
Prepaid Expenses
Prepaid Insurance
Purchase Discounts
Repairs and Maintenance Expense
Revaluation Gain or Loss
Revaluation Surplus (AOCI)
Revaluation Surplus (OCI)
Revenue - Government Grants
Salaries and Wages Expense
Sales Revenue
Service Revenue
Supplies
Tenant Deposits Liability
Vehicle Overhaul
Vehicles
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