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 $267,000. 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 $116,000. 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 $141,000, prepare the journal entry to record the sale. Complete this question by entering your answers in the tabs below. Reg 1 and 2 Reg 3 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. Note: Enter debits before credits. Event General Journal Debit Credit 1 Depreciation expense Accumulated depreciation 267,000 27,000 Complete this question by entering your answers in the tabs below. Req 1 and 2 Req3 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 sale of the truck for $116,000. Note: Enter debits before credits. Event General Journal Debit Credit 2 Complete this question by entering your answers in the tabs below. Req 1 and 2 Reg 3 Assuming that the truck was instead sold for $141,000, 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.) View transaction list Journal entry worksheet 1 Record the sale of the truck for $141,000. Note: Enter debits before credits. Event General Journal Debit Credit 1