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on july 1, 2019, farm fresh industries purchased a specialized delivery truck for $219,000. at...

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Accounting

On July 1, 2019, Farm Fresh Industries purchased a specialized delivery truck for $219,000. At the time, Farm Fresh estimated the truck to have a useful life of eight years and a residual value of $27,000. On March 1, 2024, the truck was sold for $88,000. 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 $125,000, prepare the journal entry to record the sale

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