Ohio Valley Transport

uses the units of production (UOP) method to depreciate its trucks. In

2015,

Ohio Valley Transport

acquired a Mack truck costing

$380,000

with a useful life of 10 years or

968,750

miles. Estimated residual value was

$70,000.

The truck was driven

83,000

miles in

2015;

118,000

miles in

2016;

and

168,000

miles in

2017.

After

40,000

miles in

2018,

Ohio Valley Transport

traded in the Mack truck for a new Freightliner that cost

$460,120.

Ohio Valley Transport

received a

$280,120

trade-in allowance for the old truck and paid the difference in cash. Journalize the entry to record the purchase of the new truck. (Round interim calculations to the nearest cent and your final answer to the nearest dollar. Record debits first, then credits. Exclude explanations from journal entries.)

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