On July 1, 2019, Farm Fresh Industries purchased a specialized 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, 2024, 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 months the asset is in service. Required: 1. Prepare the journal entry to update depreciation in 2024. 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. 1. Prepare the journal entry to update depreciation in 2024. 2. 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