Cullumber Company had the following assets on January 1, 2017 Item Cost $88,040 37,200 Useful Life (in years) 10 Purchase Date Jan 1, 2007 Jan 1, 2014 Machinery Forklift Truck Salvage Value $0 5 0 41,416 Jan 1, 2012 3,720 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 $14,880. 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 for the amounts.) Date Account Titles and Explanation Debit Credit (To record depreciation expense on forklift) June 30 (To record sale of forklift) (To record depreciation expense on truck) Dec. 31