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Question 5 0.53/1 -Your answer is partially correct. Wildhorse Company purchased a heavy-duty truck on July 1,2014, for $28,920. It was estimated that it would have a useful life of 10 years and then would have a trade-in value of $ 5,640. The company uses the straight-line method. It was traded on August 1,2018, for a similar truck costing $45,314$15,724 was allowed as trade in value (also fair value) on the old truck and $29,590 was paid in cash. A comparison of expected cash flows for the trucks indicates the exchange lacks commercial substance. What is the entry to record the trade-in? (If no entry is required, select No Entry for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Trucks (new) Accumulated Depreciation Trucks (old) Cash 49004 # 9506 28920 29590

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