On July 1, 2019, 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, 2024, 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:

Prepare the journal entry to update depreciation in 2024.

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

Assuming that the truck was instead sold for $123,000, prepare the journal entry to record the sale.