Ludlow Transport is a large trucking company. Ludlow Transport uses the units of- production (UOP) method to depreciate its trucks. In 2013, Ludlow Transport acquired a Mack truck costing $410,000 with a useful life of 10 years or 1,250,000 miles. The estimated residual value was $10,000. The truck was driven 75,000 miles in 2013, 135,000 miles in 2014, and 145,000 miles in 2015. After 20,000 miles in 2016, Ludlow Transport traded in the Mack truck on a new Freightliner that cost $490,000. Ludlow Transport received a $300,000 trade-in allowance for the old truck and paid the difference in cash. Journalize the entry to record the purchase of the new truck?