Mre E T- Disposal of property plant and equipment patal periods LOn-2 On July 1, 2016, Farm Fresh Industries parchased a specializd delivery truck for $126,000. At the time, Farm Fresh estimated the truck to have a useful life of eight years and a residual value of $30.000. On March 1, 2021, the truck was sold for $58,000. Farm Fresh uses the straightNine 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 12 14 16 17 Required: 1. Prepare the journal entry to update depreciation in 2021 2. Prepare the journal entry to record the sale of the truck 18 19 22 3. Assuming that the truck was instead sold for $80,000, prepare the journal entry to 24 25 record the sale. 36