Cullumber Company had the following assets on January 1, 2022. Useful Life (in years) Item Cost Purchase Date Salvage Value $83,000 $0 Machinery 10 Jan. 1, 2012 42,000 Forklift Jan. 1, 2019 0 5 48,400 3,000 Truck 8 Jan. 1, 2017 During 2022, each of the assets was removed from service. The machinery was retired on January 1. The forklift was sold on June 30 for $13,200. The tr Journalize all entries required on the above dates, including entries to update depreciation, where applicable, on disposed assets. The company uses stra 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 0 for the amo Account Titles and Explanation Date Debit Credit Jan. 1 83,000 Accumulated Depreciation-Equipment Equipment 83.000 Accumulated Depreciation-Equipment June 30 25800 3000 Loss on Disposal of Plant Assets (To record depreciation expense on forklift) June 30 (To record sale of forklift) June 30 Cash 13200 42.000 Equipment (To record depreciation expense on truck) Loss on Disposal of Plant Assets Dec. 31 17025 Accumulated Depreciation-Equipment 28375 Equipment 48400 (To record sale of truck)