Sheridan Company had the following assets on January 1, 2022. Useful Life in years) Item Cost Purchase Date Salvage Value Machinery $76,000 Jan. 1, 2012 10 $0. Forklift 35,000 Jan. 1, 2019 LO Truck 41,400 Jan 1, 2017 00 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 $12,500. 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.) Date Account Titles and Explanation Debit Credit Jan. 1 Accumulated Depreciation-Equipment 76,000 N 76000 Fauinment June 30 Cash 12,500 Accumulated Depreciation-Equipment 30,400 Equipment 35,000 Gain on Disposal of Plant Assets 12,250 (To record sale of forklift) Dec. 31 Depreciation Expense Accumulated Depreciation-Equipment (To record depreciation expense on truck) | Dec. 31 Accumulated Depreciation Equipment Loss on Disposal of Plant Assets Equipment