Help apter 11 homework C 13 Exercise 11-11 (Algo) Disposal of property, plant, and equipment; partial periods (L011-2] w On July 1, 2016. Farm Fresh Industries purchased a specialized delivery truck for $311,400. At the time, Farm Fresh estimated the truck to have a useful life of eight years and a residual value of $33,000. On March 1, 2021, the truck was sold for $136,000. 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 $156,000, prepare the journal entry to record the sale. Complete this question by entering your answers in the tabs below. Reg 1 and 2 Req3 Assuming that the truck was instead sold for $156,000, 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 feld) View transaction list Journal entry worksheet 24 THE Next > View transaction list Journal entry worksheet Record the depreciation in 2021. Note: Enter debits before credits Event General Journal Credit Debit 5,800 1 Depreciation expense Accumulated depreciation 5,800 Pacodont Garant ViewCellow 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 $156,000, prepare the journal entry to record the sale, Answer is not complete. Complete this question by entering your answers in the tabs below. Reg 1 and 2 Reg 3 Assuming that the truck was instead sold for $156,000, prepare the journal entry to record the sale. (If no entry is req for a transaction/event, select "No journal entry required" in the first account field.) No Event General Journal Debit Credit 1 1 Cash 156,000 162,400 Accumulated depreciation Gain on sale of truck 318,400