Sheridan Company had the following assets on January 1, 2017 Useful Life (in years) Salvage Value Item Machinery Cost $78,100 Purchase Date Jan 1, 2007 Forklift 33,000 Jan 1, 2014 5 Truck 36,744 Jan 1, 2012 3,304 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 $13,200. The truc Journalize all entries required on the above dates, including entries to update depreciation, where applicable, on disposed assets. The company uses straigh Date Account Titles and Explanation Debit Credit (To record depreciation expense on forklift) June 30 (To record sale of forklift) (To record depreciation expense on truck) Dec. 31 (To record sale of truck)