How do I record a car trade-in for a tax-exempt organization

Dear all,

We traded in our old vehicle for a new one. The numbers are as follows (I simplified the numbers)

Selling price of new vehicle: $40,000

Bought the old vehicle a few years ago at: $30,000.

Trade allowance now: $20,000

We paid $40,000-$20,000=$20,000

Does it look right if I record the transaction this way?

(The difference between what we paid for the old car and its current trade-in value)

Debit accumulated depreciation of old vehicle fixed asset account $10,000 

Credit Old vehicle asset account $10,000 

(The trade-in value)

Debit New vehicle asset account $20,000 

Credit Old vehicle asset account $20,000 

(Our payment)

Dr. New vehicle asset account $20,000 

Cr. Expense account $20,000 

We are tax-exempt organization so there is no sales tax.

Thank you,

Sacca