Travel Trucking Corporation uses the units-of-production depreciation method because units-of-production best measures wear and tear on the trucks. Consider these facts about one Mack truck in the company's fleet. (Click on the icon to view the facts.) Read the requirements. CYMIICHICILI. INCLUIU LIC JULITIQUI CILI y Ivi u picuIALIVII CAPCISC III LUC4. (CLUIU UCUILD THISL, LICII LICUILS. JCICULE Requirements Debit Credit Date Accounts and Explanation Mar. 15 Depreciation ExpenseTruck Accumulated DepreciationTruck 10,250 10,250 1. Record the journal entry for depreciation expense in 2024. 2. Determine Travel's cost of the new truck. 3. Record the journal entry for the exchange of assets on March 15, 2024. Assume the exchange had commercial substance. To record depreciation on truck. Requirement 2. Determine Travel's cost of the new truck. Print Done The cost of the new truck is - x More info When acquired in 2021, the rig cost $410,000 and was expected to remain in service for 10 years or 1,000,000 miles. Estimated residual value was $160,000. The truck was driven 84,000 miles in 2021, 124,000 miles in 2022, and 164,000 miles in 2023. After 41,000 miles, on March 15, 2024, the company traded in the Mack truck for a less expensive Freightliner. Travel also paid cash of $30,000. Fair market value of the Mack truck was equal to its net book value on the date of the trade. Print Done