Don't give answer in image format On July 1, 2019, Farm Fresh Industries purchased a specialized delivery truck for $324,000. At the time, Farm Fresh estimated the truckto have a useful life of eight years and a residual value of $36,000. On March 1, 2024, the truck was sold for $146,000. Farm Freshuses the straight-line depreciation method for all of its plant and equipment. Partial-year depreciation is calculated based on thenumber 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 $170,000, prepare the journal entry to record the sale.Complete this question by entering your answers in the tabs below.Req 1 and 21. 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 listReq 3Journal entry worksheet<12Record the depreciation in 2024.Event1Note: Enter debits before credits.General JournalDebitCredit> 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 $170,000, prepare the journal entry to record the sale.Complete this question by entering your answers in the tabs below.Req 1 and 2Assuming that the truck was instead sold for $170,000, prepare the journal entry to record the sale.Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.View transaction listReq 3Journal entry worksheet1Record the sale of the truck for $170,000.Note: Enter debits before credits.Event1Record entryGeneral JournalClear entryDebitCreditView general journal

A journal entry is a way of recording all the financia lnature transactions which have occurred in…

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 $170,000, prepare the journal entry to record the sale.

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 $170,000, prepare the journal entry to record the sale.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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