(i) (Click on the icon to view the facts.) Read the requirements. Requirement 1. Record the journal entry for depreciation expense in 2024. (Record debits first, then credits. Select More info When acquired in 2021 , the rig cost $390,000 and was expected to remain in service for 10 years or 1,000,000 miles. Estimated residual value was $140,000. The truck was driven 78,000 miles in 2021,118,000 miles in 2022 , and 158,000 miles in 2023. After 35,000 miles, on March 15,2024 , the company traded in the Mack truck for a less expensive Freightliner. Honest also paid cash of $26,000. Fair market value of the Mack truck was equal to its net book value on the date of the trade