On July 1, 2016, Farm Fresh Industries purchased a specialized delivery truck for $126.000 At the time, Farm Fresh estimated the truch 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 straight-line depreciation method for all of its plant and equipment. Partial-year depreciation is calculated based on the number of nonths the asset is in service. Required: 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 $80,000, prepare the journal entry to record the sale Complete this question by entering your answers in the tabs below. Red 1 and 2 Reg 3 Prepare the journal entries to update depreciation in 2021 and record the sale of the truck. I no entry is required for a transaction/event, select "No journal entry required" in the first account field View transaction list Journal entry worksheet View transaction list Journal entry worksheet Record the depreciation in 2021. Note: Enter debits before credits Debit Credit Event 1 General Journal Depreciation expense Accumulated depreciation Record entry Clear entry View general Journal View transaction list Journal entry worksheet 1 2 Record the sale of the truck for $58,000. Note: Enter debits before credits Event Debit Credit 2 General Journal Cash Accumulated depreciation Loss on sale of truck Record entry Clear entry View general journal View transaction list Journal entry worksheet 1 Record the sale of the truck for $80,000. Note: Enter debits before credits Event General Journal Debit Credit 1 Record entry Clear entry View general Journal