On July 1, 2019, Farm Fresh Industries purchased a specialized delivery truck for $175,600. At the...

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On July 1, 2019, Farm Fresh Industries purchased a specialized delivery truck for $175,600. At the time, Farm Fresh estimated the truck to have a useful life of eight years and a residual value of $22,000. On March 1, 2024, the truck was sold for $72,000. 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 $97,000, prepare the journal entry to record the sale. Complete this question by entering your answers in the tabs below. Req 1 and 2 Req 3 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. View transaction list Journal entry worksheet 1 2 On July 1, 2019, Farm Fresh Industries purchased a specialized delivery truck for $175,600. At the time, Farm Fresh estimated the truck to have a useful life of eight years and a residual value of $22,000. On March 1, 2024, the truck was sold for $72,000. 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 $97,000, prepare the journal entry to record the sale. Complete this question by entering your answers in the tabs below. Req 1 and 2 Req 3 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. View transaction list Journal entry worksheet 1 2

Answer rating: 100% (QA)

ANSWER Journal entry to update depreciation in 2024 Date Account Titles Debit Credit Dec 31 2024 Dep... View the full answer