7 5 points On July 1, 2019, Farm Fresh Industries purchased a specialized delivery truck for $310,000. At the time, Farm Fresh estimated the truck to have a useful life of eight years and a residual value of $22,000. On March 1, 2024, the truck was sold for $130,000. Farm Fresh uses the straight-line depreciation method for all of its plant and equipment. Partial-year depreciation is calculated based on the number of months the asset is in service. Required: 1. Prepare the journal entry to update depreciation in 2024. 2. Prepare the journal entry to record the sale of the truck. 3. Assuming that the truck was instead sold for $157,000, prepare the journal entry to record the sale. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Req 1 and 2 Req3 1. Prepare the journal entry to update depreciation in 2024. 2. Prepare the journal entry to record the sale of the truck. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. No Event 1 1 General Journal Depreciation expense Accumulated depreciation 2 2 Cash Accumulated depreciation Loss on sale of truck Truck Cand Req 3 > Debit Credit 6,000 6,000 130,000 168,000 12,000 310,000 7 5 points On July 1, 2019, Farm Fresh Industries purchased a specialized delivery truck for $310,000. At the time, Farm Fresh estimated the truck to have a useful life of eight years and a residual value of $22,000. On March 1, 2024, the truck was sold for $130,000. Farm Fresh uses the straight-line depreciation method for all of its plant and equipment. Partial-year depreciation is calculated based on the number of months the asset is in service. Required: 1. Prepare the journal entry to update depreciation in 2024 2. Prepare the journal entry to record the sale of the truck. 3. Assuming that the truck was instead sold for $157,000, prepare the journal entry to record the sale. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Req 1 and 2 Req 3 Assuming that the truck was instead sold for $157,000, prepare the journal entry to record the sale. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. No Event General Journal 1 1 Cash Accumulated depreciation Truck Gain on sale of truck