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: prepare the journal entry to update depreciation in 2018. prepare the journal entry to record the sale of the truck. assuming that the truck was sold for $80,000, prepare the journal entry to record the sale

Reynolds corp. factors $400,000 of accounts receivable with mateer finance corporation on a without recourse basis on july 1, 2015. the receivables records are transferred to mateer finance, which will receive the collections. mateer finance assesses a finance charge of 1 ½ percent of the amount of accounts receivable and retains an amount equal to 4% of accounts receivable to cover sales discounts, returns, and allowances. the transaction is to be recorded as a sale.required: a. prepare the journal entry on july 1, 2015, for reynolds corp. to record the sale of receivables without recourse.b. prepare the journal entry on july 1, 2015, for mateer finance corporation to record the purchase of receivables without recourse— think through this.c. explain the difference between sale of receivables with recourse as oppose to without recourse.