Sunland Company had the following assets on January 1, 2022. Useful Life Item Cost Purchase Date (in years) Salvage Value Machinery $65,000 Jan. 1, 2012 10 $0 Forklift 24,000 Jan. 1, 2019 5 Truck 30,400 Jan. 1, 2017 8 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 $11,400. The truck was discarded on December 31 Journalize all entries required on the above dates, incuding 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 65000 65000 Equipment 3000 June 30 Depreciation Expense 3000 Accumulated Depreciation-Equipment (To record depreciation expense on forklift) Paused Accumulated Depreciation-Equipment 3000 (To record depreciation expense on forklift) June 30 Cash 11400 Accumulated Depreciation-Equipment 15600 Gain on Disposal of Plant Assets 3000 Equipment 24000 (To record sale of forklift) Dec. 31 Depreciation Expense 3425 Accumulated Depreciation-Equipment 3425 (To record depreciation expense on truck) Dec. 31 9850 Loss on Disposal of Plant Assets Accumulated Depreciation-Equipment 20550 30400 Equipment (To record sale of truck)