Essex County Transport is a large trucking company. Essex County Transport uses the units-of-production (UOP) method to depreciate its trucks. In 201 1 , Essex County Transport acquired a Mack truck costing $400,000 with a useful life of 1 0 years or 937,500 miles. Estimated residual value was $25,000. The truck was driven 76,000 miles in 201 1 , 1 26,000 miles in 201 2, and 1 66,000 miles in 201 3. After 60,000 miles in 201 4, Essex County Transport traded in the Mack truck for a new Freightliner that cost $460,000. Essex County Transport received a $245,000 trade-in allowance for the old truck and paid the difference in cash. Journalize the entry to record the purchase of the new truck.