Covenant Trucking Company uses the units-of-production (UOP) depreciation method because UOP best measures wear and tear on the trucks. Consider these facts about one Mack truck in the company's fleet.

When acquired in 2006 , the rig cost \(\$ 350,000\) and was expected to remain in service for 10 years or \(1,000,000\) miles. Estimated residual value was \(\$ 100,000\). The truck was driven 80,000 miles in \(2006,120,000\) miles in 2007, and 160,000 miles in 2008. After 40,000 miles in 2009, the company traded in the Mack truck for a less-expensive Freightliner. Covenant also paid cash of \(\$ 20,000\). Determine Covenant's cost of the new truck. Journal entries are not required.