On July 1, 2016, Farm Fresh Industries purchased a specialized delivery truck for $225,000. 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 $95,000. 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 $123,000, prepare the journal entry to record the sale. Complete this question by entering your answers in the tabs below. Req 1 and 2 Reg 3 Prepare the journal entries to update depreciation in 2021 and record the sale of the truck. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction lit View Journal entry worksheet No 1 Event Credit 1 General Journal Depreciation expense Acumulated depreciation Debit 24.000 24,000 2 2 Cash Accumulated depreciation Loss on sale of truck Truck 05.000 120,000 10,000 225,000 Reg 3 >