USA Purchased new asset and traded one in

[Ginad]

My company purchased a new vehicle and traded another in. New vehicle was sold to us for $58,895.33. We were given $21,000 on our trade-in ( it was not fully depreciated). Amount to be depreciated to time of trade-in is $3448.98. Original value was $33,114.44. Value of trade-in after depreciation is $6,087.98. We paid cash for the new vehicle, check amount was $37,895.33. What should my entry be to record this?

 

[dquiller]

New Here. Saw your post.

1. Remove the old vehicle from the books
   1. Dr Accum Depr at $27026.46 (OG value less depr)
   2. Dr Loss at $15912.02 (OG value less trade in)
   3. Cr Vehicle (old)
2. Record new vehicle
   1. Dr vehicle
   2. Cr Cash
   3. Cr Trade in Allowance