Regional Highway Transport is a large trucking company. Regional Highway Transport uses the units-of-production (UOP) method to

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Regional Highway Transport is a large trucking company. Regional Highway Transport uses the units-of-production (UOP) method to depreciate its trucks. In 2013, Regional Highway Transport acquired a Mack truck costing $410,000 with a useful life of 10 years or 1,250,000 kilometers. Estimated residual value was $10,000. The truck was driven 85,000 kilometers in 2013, 110,000 kilometers in 2014, and 150,000 kilometers in 2015. After 10,000 kilometers in 2016, Regional Highway Transport traded in the Mack truck for a new Freightliner that costs $524,400. Regional Highway Transport received a $314,400 trade-in allowance for the old truck and paid the difference in cash. Journalize the entry to record the purchase of the new truck.

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Journal DATE ACCOUNTS POST REF DR CR 2016 Truck new 524400 AccumulatedDepreciation Truck old 113600 Truck old 410000 Cash524400 314400 210000 Gainon Exchange 18000 Unitsofproduction 410000 10000 1250000 kilometers 032 per kilometer Year 1 85000 kilometers 032 27200 Year 2 110000 kilometers 032 35200 Year 3 150000 kilometers 032 48000 Year 4 10000 kilometers 032 3200 Total 113600 Tradein value 314400 Book value of old truck Cost 410000 Less Accumulated ...View the full answer

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