Exercise $11-11($Algo$)$ Disposal of property, plant, and equipment; partial periods $[$LO$11-2]$

On July $1,2016,$ Farm Fresh Industries purchased a specialized delivery truck for $$158,800.$ At the time, Farm Fresh estimated the truck to have a useful life of eight years and a residual value of $$34,000.$ On March $1,2021,$ the truck was sold for $$75,000.$ 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 $2021.$

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

Assuming that the truck was instead sold for $$97,000,$ prepare the journal entry to record the sale.

Complete this question by entering your answers in the tabs below.

R$$q $3$

Assuming that the truck was instead sold for $$97,000,$ prepare the journal entry to record the sale. $($If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.$)$