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Traded the old company equipment for a new truck issuing a check to complete the transaction. The old used truck cost $3,800 and on September 30, the...

Traded the old company equipment for a new truck issuing a check to complete the transaction. The old used truck cost $3,800 and on September 30, the end of the quarter, had depreciated $2,200. Straight-line depreciation on the old truck is $40 per month. The new truck listed for $19,950 with an allowed $3,000 trade-in allowance on the purchase of the new vehicle. This trade has no commercial and no gain or loss will be recognized on this transaction.

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