Wimot Trucking Company 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. (Click on the loon to view the facts.) 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.) Date Accounts and Explanation Debit Credit Mar. 15 X More Info When acquired in 2021, the rig cost $360,000 and was expected to remain in service for 10 years or 1,000,000 miles. Estimated residual value was $90,000. The truck was driven 80,000 miles in 2021, 120,000 miles in 2022, and 160,000 miles in 2023. After 44,000 miles, on March 15, 2024, the company traded in the Mack truck for a less expensive Freightliner. Wimot also paid cash of $20,000. Fair market value of the Mack truck was equal to its net book value on the date of the trade. Requirements Print 1. Record the journal entry for depreciation expense in 2024. 2. Determine Wimol's cost of the new truck. 3. Record the journal entry for the exchange of assets on March 15, 2024. Assume the exchange had commercial substance. Done Print Print Done