Pharoah Company had the following assets on January 1, 2022. Item Cost Useful Life (in years) Salvage Value Machinery $63,000 10 $0 Purchase Date Jan 1, 2012 Jan 1, 2019 Jan 1, 2017 Forklift 22,000 5 0 Truck 28,400 8 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 $11.200. 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 Debit Credit Account Titles and Explanation Accumulated Depreciation Equipment Jan. 1 63000 Equipment 63000 June 30 Depreciation Expense 2200 Accumulated Depreciation Equipment 2200 (To record depreciation expense on forklift) June 30 V Cash 11200 Accumulated Depreciation Equipment Date Account lities and Explanation Jan. 1 Accumulated Depreciation Equipment 63000 Equipment 63000 June 30 Depreciation Expense 2200 Accumulated Depreciation Equipment 2200 (To record depreciation expense on forklift) June 30 Cash 11200 Accumulated Depreciation Equipment Gain on Disposal of Plant Assets Equipment 22000 (To record sale of forklift) Depreciation Expense Dec 31 7 Accumulated Depreciation Equipment (To record depreciation expense on truck) Dec 31 V Accumulated Depreciation Equipment Loss on Disposal of Plant Assets Equipment