Trusty Freight is a large warehousing and distribution company that operates throughout Eastern Canada. Trusty Freight uses the UOP method to amortize its trucks because its managers believe UOP amortization best measures thet ander on the trucks. Trusty Freight trades in used trudis often to keep driver morale high and to maximize fuel eficiency Consider these facts about one Mack truck in the company's feet When acquired in 2016, the tractor trailer ng cost $640,000 and was expected to remain in service for eight years or 1,000,000 kilometres. Estimated residual value was $90,000 The truck was diven 220.000 Ktometres 2017 255.000 m 2 and 275,000 kilometres in 2019. After 130.000 kilometres in 2020, the company traded in the Mack truck for a Freightliner ng with a far market value of $530,000 on August 15. Trusty Freight paid cash of $45.000 This trade wil bring in scantly more income to Trusty Freight by reducing operating costs Determine Trusty Freight's cost of the new truck. Prepare the journal entry to record the trade in