Blossom Company had the following assets on January 1, 2017. Useful Life Item Machinery $52,540 Jan. 1, 2007 Forklift 22,200 Jan. 1,2014 Truck (in years)Salvage Value $0 0 2,224 Cost Purchase Date 10 24,720 Jan. 1,2012 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 $8,880. The truck was discarded on December 31. 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. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) ate Account Titles and Explanation Debit Credit Jan. 1 Accumulated Depreciation-Equipment 52540 Equipment 52540 June 30 Depreciation Expense 2220 Accumulated Depreciation-Equipment 2220 (To record depreciation expense on forklift) June 30 Cash 8880 Accumulated Depreciation-Equipment 15540 Equipment 22200 Gain on Disposal of Plant Assets 2220 To record sale of forklift) Dec. 31 Depreciation Expense Accumulated Depreciation-Equipment (To record depreciation expense on truck) Accumulated Depreciation-Equipment Dec. 31 Loss on Disposal of Plant Assets Equipment To record sale of truck