Concord Truck Company is a large truckng company The compary uses the unts-of production (UOP) method to depreciate is trucks To lollow we facts about ono Msck truck in the companys feet (6) (cick the icon to ver the facts) Read the teaurements Requirement 1. Determine Concords gain of loss oo the transaction the nearest oent. More info When this truck was acquired in 2021, 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 2021, the truek was driven 77,000 miles, during 2022, 175,000 miles; and during 2023,190,000 miles. After the truck was driven 45,000 miles in 2024, the company traded in the Mack truck for a Freightliner truck with 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