Pharoah Company had the following assets on January 1, 2022. Salvage Value Item Machinery Forklift Truck $ 0 Useful Life Purchase Date (in years) Jan. 1, 2012 Jan. 1, 2019 Jan. 1, 2017 Cost $75,000 34,000 40,400 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 $12,400. 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 o for the amounts.) Credit Date Jan. 1 Account Titles and Explanation Accumulated Depreciation-Equipme Debit 75000 Equipment 75000 June 304 Depreciation Expense Accumulated Depreciation Equipme (To record depreciation expense on forklift) June 30 Cash 12400 Accumulated Depreciation-Equipme Gain on Disposal of Plant Assets Equipment (To record sale of forklift) Dec. 31 4 Depreciation Expense Accumulated Depreciation Equipme (To record depreciation expense on truck) Loss on Disposal of Plant Assets Dec. 31 Accumulated Depreciation Equipme Equipment (To record sale of truck)