P 11-3 Depreciation methods; partial periods Chapters 10 and 11 mis problem is a continuation of hohm 3 in Chapter 10 focusing on depreciation.] Required For each asset classification, prepare a schedule showing depreciation for the year ended December 31, 2018, using the following depreciation methods and useful lives: Land improvements-Straight line; 15 years Building-150% declining balance, 20 years Machinery and equipment-Straight line; 10 years Automobiles-150% declining balance; 3 years Depreciation is computed to the nearest month and no residual values are used. Use the following schedule to complete this assignment: PELL CORPORATION Analysis of Changes in Plant Assets For the Year Ended December 31, 2018 BalanceIncreae BalanceDecrease 12/31/2018 Land S 350,000 $438,000 [1] Land improvements 180,000 Building 1,500,00017,000 s 788,000 180,000 19,000 3 Machinery and equipment ,158,000 287,00012 Automobiles 100 1,536,000 1.445,000 -8000 Totals 338000 S76100 SL800008100 E 11-11 periods Disposal of property, plant, and equipment; partial On July 1, 2013, 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,ooo. On March 1, 2018, 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 2. Prepare the journal entry to record the sale of the truck 3. Assuming that the truck was sold for $8o,000, prepare the journal entry to record the sale