Item Cost Purchase Date Useful Life in years) Salvage Value Machinery $70,000 Jan 1, 2012 10 $0 Forklift 29,000 Jan 1, 2019 5 Truck 35,400 Jan 1, 2017 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 $11.900. 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 for the amounts) Date Account Titles and Explanation Debit Credit Jan. 1 + Accumulated Depreciation-Equipment Equipment 70000 June 30 ) Depreciation Expense Accumulated Depreciation Equipment 2900 (To record depreciation expense on forklift) Cash June 30 Accumulated Depreciation Equipment Gain on Disposal of Plant Assets than tha Ha Ha Equipment (To record sale of forklift) Depreciation Expense Dec. 319) 405 Accumulated Depreciation-Equipment -1050 Dec.314 (To record depreciation expense on truck) Loss on Disposal of Plant Assets Accumulated Depreciation-Equipment Equipment To record sale of truck)