Exercise 11-11 (Algo) Disposal of property, plant, and equipment; partial periods [LO11-2] On July 1, 2016, Farm Fresh Industries purchased a specialized delivery truck for $227,000. At the time, Farm Fresh estimated the truck to have a useful life of eight years and a residual value of $35,000. On March 1, 2021, the truck was sold for $109,000. Farm Fresh number of months the asset is in service. Required: 1. Prepare the journal entry to update depreciation in 2021. 2. Prepare the journal entry to record the sale of the truck. 3. Assuming that the truck was instead sold for $126,000, prepare the journal entry to record the sale. Answer is not complete. Complete this question by entering your answers in the tabs below. Assuming that the truck was instead sold for $126,000, prepare the journal entry to record the sale. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Complete this question by entering your answers in the tabs below. Prepare the journal entries to update depreciation in 2021 and record the sale of the truck. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)