@overtaxed72
Your journal entry is off a bit. You only have the new vehicle asset basis at ~$56K, but the sale price alone was $61K before taxes and the other items that should be capitalized into the cost. Your journal entry needs to include a debit to the new vehicle asset and a credit to the old vehicle asset for $9,500. That adds $9,500 to the new vehicle's basis and removes the old vehicle from the books.
IMO, your tax/receivable questions are beyond the scope of this forum. There are tax forums for that and your CPA obviously. As far as the Section 179 deduction, be aware that taking it reduces your tax basis in your S-corp. That can have unintended consequences down the road as I recently discovered when selling a couple of S-corps. It's just a good idea to run these things by your CPA - assuming they are knowledgeable in S-corp taxation. Not all are.
