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Travel Truck Company is a large trucking company. The company uses the units-of-production (UOP) method...

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Accounting

Travel Truck Company is a large trucking company. The company uses the units-of-production (UOP) method to depreciate its trucks. To follow are facts about one Mack truck in the company's fleet.

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When this truck was acquired in 2018, the tractor-trailer rig had cost $460,000 and was expected to remain in service for 10 years or 1,000,000 miles. Its estimated residual value was $10,000. During 2018, the truck was driven 75,000 miles, during 2019, 170,000 miles, and during 2020, 195,000 miles. After the truck was driven 43,000 miles in 2021, the company traded in the Mack truck for a Freightliner truck with fair market value of $220,000. In addition to the trade-in of the Mack truck, Travel Truck Company paid cash of $29,000 for the Freightliner truck

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