Pine Company had the following assets on January 1, 2017.

Purchase Useful Life Item Cost Date (in years) Salvage Value Machinery $71,000 Jan. 1, 2007 10 $ -0-

Forklift 30,000 Jan. 1, 2014 5 -0-

Truck 33,400 Jan. 1, 2012 8 3,000 During 2017, each of the assets was removed from service. The machinery was retired on January 1. The forklift was sold on June 30 for $12,000. The truck was discarded on December 31.

Instructions Journalize all entries required on the above dates, including entries to update depreciation, where applicable, on disposed assets. The company uses straight-line depreciation.

All depreciation was up to date as of December 31, 2016.