Sureway Freight is a large warehousing and distribution company that operates throughout Eastern Canada. Sureway Freight uses the UOP method to amortize its trucks because its managers believe UOP amortization best measures the wear and tear on the trucks. Sureway Freight trades in used trucks often to keep driver morale high and to maximize fuel efficiency. Consider these facts about one Mack truck in the company's fleet: When acquired in 2016, the tractor/trailer rig cost $585,000 and was expected to remain in service for eight years, or 1,400,000 kilometres. Estimated Determine Sureway Freight's cost of the new truck. Sureway Freight's cost of the new truck is the Click to select your answer(s) and then click Check Answer 1 Clearn Check Answer part remaining ENG Type here to search BRPM 2020-10-04 SELLUS Paras Paras 10/04/20 9:24 PM Homework: Chapter 10b Homework Save Score: 0.36 of 4 pts 8 of 10 (9 complete) HW Score: 66.37%, 22.57 of 34 pts * Exercise 10-14 (similar to) Question Help Sureway Freight is a large warehousing and distribution company that operates throughout Eastern Canada Sureway Freight uses the UOP method to amortize its trucks because its managers beleve UOP amortization best measures the wear and tear on the trucks, Sureway Freight trades in used trucks often to keep dilver morate high and to mame fuel ecency Conster these facts about one Mack truck in the company's fleet When acquired in 2016, the tracto trailer ricost 585,000 and was expected to remain in service for eight years, or 1.400.000 kilometres. Estimated residual value was 570,000. The truck was driven 220,000 kilometres in 2017.265,000 kilometres in 2018 and 295.000 kilometres in 2019. After 110,000 Ktometres in 2020, the company traded in the Mack truck for a Freightliner rig with a low market value of $580,000 on August 15. Sureway Freight paid cash of $54.000 This trade in will bring in significantly more income to Sureway Freight by reducing operating costs Determine Sureway Freight's cost of the new truck Prepare the journal entry to record the trade in Determine Sureway Freight's cost of the new truck Sureway Freight's cost of the new truck is the market value Record the journal entry for the trade-in (Record debits first, then credits. Exclude explanations from journal entries. Do not round intermediary calculations. Only round the final answer to the nearest dollar) Journal Entry Accounts Date Debit Credit Question Aug 15 Old TUCK 580000 Choose from any list or enter any number in the input fields and then click Check Answer Clear AL Check Answer All parts showing 9:24 PM Type here to search o ** HD 2005-04