On July 1, 2013, 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, 2018, 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 2018.

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

3. Assuming that the truck was sold for $156,000, prepare the journal entry to record the sale.