When this truck was acquired in 2018, the tractor-trailer rig had cost $390,000 and was expected to remain in service for 10 years or 1,000,000 miles. Its estimated residual value was $80,000. During 2018, the truck was driven 76,000 miles; during 2019, 170,000 miles; and during 2020, 195,000 miles. After the truck was driven 42,000 miles in 2021, the company traded in the Mack truck for a Freightliner truck with fair market value of $200,000. In addition to the trade-in of the Mack truck, Promise Truck Company paid cash of $29,000 for the Freightliner truck