in the company's fleot. 1. (Click on the icon lo view the facta.) Read the requirements. More info When acquired in 2021, the rig cost $350,000 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 2021, 123,000 miles in 2022, and 163,000 miles in 2023. After 43,000 miles, on March 15, 2024, the company traded in the Mack truck for a less expensive Freightliner. Promise also paid cash of $21,000. Fair market value of the Mack truck was equal to its net book value on the date of the trade. Requirements 1. Record the joumal entry for depreciation expense in 2024. 2. Determine Promise's cost of the new truck. 3. Record the journal entry for the exchange of assets on March 15, 2024. Assurne the exchange had commercial substance