Useful Life (in years) Salvage Value Item Cost Machinery $70,000 Forklift 29,000 Purchase Date Jan 1, 2012 Jan 1, 2019 $0 5 Truck 35,400 Jan 1, 2017 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 $11,900. 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 4 Accumulated Depreciation Equipment 70000 Equipment 70000 June 30 Cash 29000 Accumulated Depreciation-Equipment 29000 (To record depreciation expense on forklift) June 30 Cash 11900 Accumulated Depreciation-Equipment Gain on Disposal of Plant Assets Equipment 29000 (To record sale of forklift)