A truck with a book value of $1,400 is traded in on a new truck with a list price of $24,000 . A trade-in allowance of $3,500 is given by the seller of the new truck. The new truck should be recorded on the ledger of the buyer at:
a. $24,000 - $3,500 + $1,400 = $21,900
b. $24,000 + $3,500 - $1,400 = $26,100
c. $24,000 - $3,500 = $20,500
d. $24,000
e. $24,000 + $1,400 + $3,500 = $28,900
a
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