Business, 27.11.2019 07:31 queengenni

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 $30,000.
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 2018.
2. prepare the journal entry to record the sale of the truck.
3. assuming that the truck was sold for $80,000, prepare the journal entry to record the sale.

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On july 1, 2013, farm fresh industries purchased a specialized delivery truck for $126,000. at the t...

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