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Pharoah Company had the following assets on January 1, 2022. During 2022, each of the assets was removed from service. The machinery was retired on

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Pharoah Company had the following assets on January 1, 2022. 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 $12,400. The truck was discarded on December 31 Journalize all entries required on the above dates, including entries to update depreciation, where applicabie, 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 0 for the amounts.) June 30 : Cash Accumulated Depreciation. Equipenent Equipment Gain on Disposat of Plant Assets (To record sale of forklift) Dec.31 * Depreciation Expense Accumulated Denreciation-Equigment (To record depredation expense on truck) Dec 31 : Lossen Dispesal of Plant Astets 9350 Accumulated Depreciation. Fquipment Faugment (To record discarded truck at a loss)

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