Journal Entry for purhcase of new vehicle with a trade in and loan.

@david088 

Your post is a bit confusing because there are two values for the old loan ($59,374.07 & $57,567.92) and a portion of the new loan was removed from your post for some reason ($49,XXX.07). 

Also, if you received $51K on the trade and they paid off your loan of $59K or $57K, you should owe them $6K or $8K.  That should have been rolled into the new loan or, if not, made up the difference in cash.  It doesn't appear that either of those happened. 

Here is the journal entry with the info provided.  I used the old loan value of $57,567.92.  You can adjust that up and decrease the gain if the loan payoff was $59,374.07.  You will need to add the proper amount for the new loan since that was incomplete in your post.  Again, offset the difference to gain.  Debits and credits need to be equal.