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 a. 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. Land 2 Rega Prepare the journal entries to update depreciation in 2021 and record the sale of the truck. (If no antry is required for a odionewwnt select "No journal entry required in the first account field.) Journal entry worksheet 2. View transaction list Journal entry worksheet Record the depreciation in 2021. Note: Enter tits bufore credits Event Debit Credit 1 General Journal Depreciation expense Accumulated depreciation nces Record entry Clear entry View general journal Reg 3 > View transaction list Journal entry worksheet Record the sale of the truck for $116,000. OK Note: Enter debts before credits General Journal Debit Credit Event 2 Hences Record entry Clear entry View general journal