Trusty Trucking Corporation uses the units$-$of$-$production depreciation method because units$-$of$-$production best measures wear and tear on the trucks. Consider these facts about one Mack truck in the company's fleet.

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Read the requirements.

Requirement $1.$ Record the journal entry for depreciation expense in $2024.($Record debits first, then credits. Select the explanation on the last line of the journal entry table.$)$

$\backslash$table$[[$Date$,$Accounts and Explanation,Debit,Credit$],[$Mar$.15,,,],[,,],[,,],[,,],[,,]]$

More info

When acquired in $2021,$ the rig cost $$390,000$ and was expected to remain in service for $10$ years or $1,000,000$ miles. Estimated residual value was $$190,000.$ The truck was driven $81,000$ miles in $2021,121,000$ miles in $2022,$ and $161,000$ miles in $2023.$ After $36,000$ miles, on March $15,2024,$ the company traded in the Mack truck for a less expensive Freightliner. Trusty also paid cash of $$31,000.$ Fair market value of the Mack truck was equal to its net book value on the date of the

Requirements trade.

Record the journal entry for depreciation expense in $2024.$

Determine Trusty's cost of the new truck.

Record the journal entry for the exchange of assets on March $15,2024.$ Assume the exchange had commercial substance.