In the summer of $2019,$ precisely on July $1,$ the Nimbus Broom Company invested in a new, high$-$speed delivery truck, at a cost of $$175,600.$ The Nimbus Broom Company estimated this magical truck to have a residual value of $$22,000$ and a useful life of $8$ years. Then, early in the year $2024,$ on March $1,$ the company made the decision to sell the magic truck for $$72,000.$ Notably, the Nimbus Broom Company has always used the straight$-$line method for calculating depreciation on its magical assets and equipment. When an asset is used for only a portion of the year, the company calculates depreciation proportionally based on the number of months the asset is in use.

Required:

Prepare the journal entry to update depreciation in $2024.$

Prepare the journal entry to record the sale of the truck.

Assuming that the truck was instead sold for $$97,000,$ prepare the journal entry to record the sale.

Complete this question by entering your answers in the tabs below.

Req $1$ and $2$

Prepare the journal entry to update depreciation in $2024.$

Prepare the journal entry to record the sale of the truck.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.

Journal entry worksheet

$1$

$2$

Record the sale of the truck for $$72,000.$

Note: Enter debits before credits.

$\backslash$table$[[$Event$,$General Journal,Debit,Credit$],[2,,,],[,,,],[,,,],[,,,],[,,,],[,,,]]$