Question 4 of 8 10.53 / 15 III Your answer is partially correct. Here are selected 2022 transactions of Cullumber Corporation. Jan. 1 Retired a piece of furniture that was purchased on January 1, 2012. The furniture cost $78,400 and had a useful life of 10 years with no residual value. June 30 Sold equipment that was purchased on January 1, 2020. The equipment cost $49,920 and had a useful life of 3 years with no residual value. The equipment was sold for $6,400 cash. Dec. 31 Sold a vehicle for $12,000 cash. The vehicle cost $32,000 when it was purchased on January 1, 2019, and was depreciated based on a 5-year useful life with a $4,800 residual value. Cullumber Corporation uses straight-line depreciation. Prepare all entries required on the above dates, including entries to update depreciation on assets disposed of, where applicable. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 1 Accumulated Depreciation - Furniture 78400 Question 4 of 8 10.53 / 15 June 30 Cash 6400 Accumulated Depreciation - Equipment 62400 Loss on Disposal Equipment 49,920 (To record the sale of equipment.) Dec. 31 - Depreciation Expense Accumulated Depreciation - Vehicles 5765 TOTOTO UNI (To record depreciation expense.) Dec. 31 4 Cash 12200 Accumulated Depreciation - Vehicles 23740 Gain on Disposal 3440