Kimmel, Accounting, 6e PRIN ACCT (ACCT 221-22 Study & Practice Assignment Gradebook ORION Downloadable eTextbook Open Assignment NEXT Problem 9-3A Blossom Company had the following assets on January 1, 2017 Useful Life Item Cost Purchase Date (in years) Salvage Value Machinery $85,200 Jan. 1, 2007 Forklift 10 by 36,000 40,080 Jan. 1, 2014 Jan. 1, 2012 Truck 3,600 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 $14,400. 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, 2016. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No for the account titles and enter O for the amounts.) Entry" Date Account Titles and Explanation Debit 207 PM re to search 6/27/2018