Punctual Truck Company is a large trucking company. The company uses the units-of-production (LOP) method to depreciate its trucks. To follow are facts about one Mack truck in the company's fleet Click the icon to view the facts.) Read the requirements Requirement 1. Determine Punctual's gain or loss on the transaction Begin by determining the formula needed to calculate the gain or loss and then complete the calculation to determine the amount (Use a minus sign or parentheses for a loss Round depreciation per unit to the nearest cent) Gain (Loss) on exchange Requirement 2. Prepare the joumal entry to record the trade-in of the old truck on the new one. Use two decimal places for depreciation cost per mile (Record debits first thon credits Explanations are not required) Journal Entry Date Accounts Debit Credit Choose from any list or enter any number in the input felds and then continue to the next question Punctual Truck Company is a large trucking company. The company uses the units-of-production (LOP) method to depreciate its trucks. To follow are facts about one Mack truck in the company's fleet Click the icon to view the facts.) Read the requirements Requirement 1. Determine Punctual's gain or loss on the transaction Begin by determining the formula needed to calculate the gain or loss and then complete the calculation to determine the amount (Use a minus sign or parentheses for a loss Round depreciation per unit to the nearest cent) Gain (Loss) on exchange Requirement 2. Prepare the joumal entry to record the trade-in of the old truck on the new one. Use two decimal places for depreciation cost per mile (Record debits first thon credits Explanations are not required) Journal Entry Date Accounts Debit Credit Choose from any list or enter any number in the input felds and then continue to the next