Oriole Company had the following assets on January 1, 2017. Useful Life Item Cost Purchase Date (in years) Salvage Value Machinery $58,220 Jan. 1,2007 10 Forklift 24,600 Jan. 1,2014 Truck 2,464 27,392 Jan. 1, 2012 8 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 $9,840. 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 0 for the amounts.) Date Debit Account Titles and Explanation Credit an. 1 Accumulated Depreciation-Equipment 58220 58220 Equipment June 30 Depreciation Expense 61500 Accumulated Depreciation-Equipment 61500 To record depreciation expense on forklift) June 30 Cash Accumulated Depreciation-Equipment Equipment Gain on Disposal of Plant Assets (To record sale of forklift) Depreciation Expense Accumulated Depreciation-Equipment (To record depreciation expense on truck) Dec. 31 Accumulated Depreciation-Equipment Loss on Disposal of Land Equipment To record sale of truck