Problem 9-03A Your answer is partially correct. Try again. Sandhill Co. had the following assets on January 1, 2022. Item Machinery Useful Life (in years) 10 Salvage Value $ 0 Cost $67,000 26,000 32,400 Purchase Date Jan. 1, 2012 Jan. 1, 2019 Jan. 1, 2017 Forklift 5 Truck 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 $11,600. 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 67000 T L Equipment T 67000 June 30 Depreciation Expense 3000 Accumulated Depreciation-Equipment - 3000 (To record depreciation expense on forklift) June 30 a Tcash 1600 Accumulated Depreciation Equipment 40600 Equipment 26000 1000 DOON ON DUE HOTT OHIT DI HAD Gain on Disposal of Plant Assets 3000 (To record sale of forklift) Dec. 31 Depreciation Expense 3675 L Accumulated Depreciation Equipment 3675 (To record depreciation expense on truck) Dec. 31 Loss on Disposal of Plant Assets 10350 Accumulated Depreciation-Equipment 22050 Equipment 32400