Cullumber Company had the following assets on January 1, 2022 Useful Life Item Cost Purchase Date (in years) Salvage Value Machinery $60,000 Jan. 1, 2012 10 $0 Forklift 19,000 Jan. 1, 2019 5 0 Truck 25,400 Jan. 1, 2017 B 3,000 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 $10,900. 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, 2021. (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.) Date Jan. 1 Account Titles and Explanation Accumulated Depreciation-Equipment Debit Credit 60000 Equipment June 30 V Depreciation Expense Accumulated Depreciation-Equipment (To record depreciation expense on forklift) June 30 Cash Dec. 31 Dec. 31 Accumulated Depreciation-Equipment Gain on Disposal of Plant Assets Equipment (To record sale of forklift) Depreciation Expense Accumulated Depreciation-Equipment (To record depreciation expense on truck) Accumulated Depreciation-Equipment Loss on Disposal of Plant Assets Equipment (To record sale of truck) 3100 12100 21700 4300 25800 11600