2. Ch. 8: Fixed Asset Disposal: XYZ Company sold a truck on July 1 , Year 3 for $20,000. The truck had originally cost $38,000 and was depreciated using the straight-line method using a 5-year life with no salvage value. when it was purchased on Jameary 1. Year 1.] a. Prepare the journal entry to update the depreciation from January 1 - June 30 , Year 3. b. Prepare the journal entry to record the sale of the truck