Problem 9-03A Your answer is partially correct. Try again. Crane Company had the following assets on January 1, 2022. Cost Useful Life (in years) 10 Salvage Value $ 0 Item Machinery Forklift Truck $70,000 29,000 35,400 Purchase Date Jan. 1, 2012 Jan. 1, 2019 Jan. 1, 2017 5 0 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 $11,900. 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 Accumulated Depreciation Equipment 70000 Equipment 70000 June 30 v Depreciation Expense 2900 Accumulated Depreciation Equipment 2900 (To record depreciation expense on forklift) June 30 Cash 11900 X Accumulated Depreciation Equipment 31900 Equipment 29000 Gain on Disposal of Plant Assets 14800 (To record sale of forklift) Dec. 31 Depreciation Expense 4050 4050 Accumulated Depreciation Equipment (To record depreciation expense on truck) Dec. 31 Accumulated Depreciation Equipment 8850 Loss on Disposal of Plant Assets 17400 Odo Equipment 26250 (To record sale of truck)