/Your answer is partially correct. Try again Crane Company had the following assets on January 1, 2017 Useful Life Item Cost Purchase Date (in years) Salvage Value 10 Machinery $53,960 Jan. 1, 2007 Forklift 22,800 25,384 Jan. 1, 2014 Jan. 1, 2012 Truck 8 2,280 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 $9,120. The truck was discarded on December 31 ournalize 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, 2016. (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 0 for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 1 ccumulated Depreciation-Equipment 53960 Equipment 53960 une 30 Depreciation Expense 2280 Accumulated Depreclation-Equipment 2280 (To record depreciation expense on forklift)