Question 2 Your answer is partially correct. Try again. Here are selected 2018 transactions of Pharoah Corporation. Jan. 1 June 30 Dec. 31 Retired a piece of furniture that was purchased on January 1, 2008. The furniture cost $68,010 and had a useful life of 10 years with no residual value. Sold equipment that was purchased on January 1, 2016. The equipment cost $36,810 and had a useful life of 3 years with no residual value. The equipment was sold for $4,560 cash. Sold a vehicle for $9,460 cash. The vehicle cost $25,980 when it was purchased on January 1, 2015, and was depreciated based on a 5-year useful life with a $3,140 residual value. Pharoah Corporation uses straight-line depreciation. Prepare all entries required on the above dates, including entries to update depreciation on assets disposed of, where applicable. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.)