Read the reauirements More info Requirement 1, Defermne Conoords gain of loss on the vansaction. Begin by determining the foermula needed to calculate the gain or los and then conplete the cal per unit to the nesrent cent) Reguirement 2. Prebare the joumal entry to recond the tradeun of the did buck on the new one ars not required.) When pis truck was acgured in 2021, the fractor-baler rig had coal 442000 and was expocted to remain in service for to years or 1,000,000 mles. its astirated: resitual value wat 5100,000 . Dung 2021 , the thuck was diven 77.000 miles, during 2022, 175,000 mles and during 2023, 190,600 mles. Aller the truck was diven 45,000 inles in 2024, the corrpany baded in the Mack iruck tor a Freightiner truck with fair market value of $270,000. in addition to the tradein of the Mack thock, Canders Truek Compary Bald eash of 131 , ooe for the Freightiner treck Cencord Truck Company is a large truching company. The company uses the unis-d-producton (UOPP) method to deprociate its trucks. To follow are facts about one Mack truck in the company/s feet. (1) (Cick the icon to view the focts). Read the requirements. Requirement 1. Determine Concorts gain or loss on the transactiont Begin by determining the formula needed to calculate the gan or loss and ehen conplete t per unit to the nearest cent) Requirement 2. Prepare the foumal entry to record the trade-st of the old truck on the new are not required ) More info When this truck was acquired in 2021, the tracticrlraler fig had coot 3420,000 and was eupected to remain in servec for 10 years of 1,000,000 mils, its osthated residual value was $100,000. During 2021 , the incok was diven 77000 inles, during 2022, 175,000 miles; and during 2022, 100,000 miles. Ather the trick was driven 45,000 miles in 2024, the compory baded in the Mack truck ler a Freghtiner truck with tair manket value of $270,000, in addacon to the lade in of the Mack truck, Concord Truck Company paid eash of \$31,000 for the Fieghisher truck