0 More Info When acquired in 2015, the rig cost $410,000 and was expected to remain in service for 10 years or 1,000,000 miles. Estimated residual value was $190,000. The truck was driven 83,000 miles in 2015, 123,000 miles in 2016, and 163,000 miles in 2017. After 37,000 miles, on March 15, 2018, the company traded in the Mack truck for a less expensive Freightliner. Honest also paid cash of $27,000. Fair market value of the Mack truck was equal to its net book value on the date of the trade. Print Done Requirement 1. Record the journal entry for depreciation expense in 2018. (Record debits first, then credits. Select th Debit Credit Date Accounts and Explanation Mar 15 Depreciation Expense Truck Accumulated Depreciation-Truck 8.140 8,140 To record depreciation on truck, Requirement 2. Determine Honest's cost of the new truck. The cost of the new truck is Enter any number in the edit fields and then click Check