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 $219,000. At the time, Farm Fresh estimated the truck to have a useful life of eight years and a residual value of $27,000. On March 1, 2021, the truck was sold for $88.000. 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 2021 2. Prepare the journal entry to record the sale of the truck 3. Assuming that the truck was instead sold for $125,000. prepare the journal entry to record the sale Complete this question by entering your answers in the tabs below. Reg 1 and 2 Rega 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.) View transaction list Journal entry worksheet > Record the depreciation in 2021. Nota: Enter debit before credits Event Credit General Journal Depreciation expense Accumulated depreciation 210.000 192.000 Recorderdry Clear entry View generala