Detemine Canyon's gain or loss on the transaction.

ACCT 230 F 2001 Homework Homework 7: Chapter Guestion 15, 7400 HAN, SO SE 0 More info Requirements . RE w Pew Dane cara on e Text Pages Help Me Do This Get More OU Requirement 1. Determine Canyon's gain or loss on the transaction Begin by determining the formula needed to calculate the gain or loss and then complete the calculation Trade in value of old truck Book value Gain (Loss) on exchange 250000 30000 11 220000 - More Info When this truck was acquired in 2018, the tractor-trailer had cost $450,000 and was expected to remain in service for 10 years or 1,000,000 miles. Its estimated residual value was $20,000. During 2018, the truck was driven 80,000 miles during 2019, 175,000 miles and during 2020, 185,000 miles After the truck was driven 40,000 miles in 2021, the company traded in the Mack truck for a Freightliner truck with fair market value of $250,000. In addition to the trade-in of the Mack truck Canyon paid cash of $30,000 for the Freightliner truck Print Done - X Requirements. 1. Determine Canyon's gain or loss on the transaction 2. 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 Print Done