Concord Truck Company is a large trucking company. The company uses the units-of-production (UOP) method to depreciate its trucks. To follow are facts about one Mack truck in the company’s fleet. When this truck was acquired in 2018, the tractor-trailer rig had cost $420,000 and was expected to remain in service for 10 years or 1,000,000 miles. Its estimated residual value was $100,000. During 2018, the truck was driven 77,000 miles; during 2019, 175,000 miles; and during 2020, 190,000 miles. After the truck was driven 45,000 miles in 2021, the company traded in the Mack truck for a Freightliner truck with a fair market value of $270,000. In addition to the trade-in of the Mack truck, Concord Truck Company paid cash of $31,000 for the Freightliner truck. Determine Concord’s gain or loss on the transaction. Prepare the journal entry to record the trade-in of the old truck for the new one. Use two decimal places for depreciation cost per mile.