Item cost purchase date useful life salvage value forklift 35000 jan 1 2022 5 $0 Truck 41400 Jan 1 2020 8 $3000 During 2025 each of the assets was removed from service. The forklift was sold on June 30th for $12500. 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 31st, 2024