Your answer is partially correct. Try again. Sandhill Co. had the following assets on January 1, 2017. Useful Life (in years) Salvage Value $ 0 Item Machinery Forklift Truck Cost $82,360 34,800 38,744 Purchase Date Jan. 1, 2007 Jan. 1, 2014 Jan. 1, 2012 5 3,480 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 $13,920. 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 Entry" for the account titles and enter o for the amounts.) Date Account Titles and Explanation Debit Credit | Jan. Accumulated Depreciation-Equipment 360 T Equipment 82,360 L June 30 Depreciation Expense 3,480 Accumulated Depreciation Equipment (To record depreciation expense on forklift) June 30 Tcash 920 13 Accumulated Depreciation-Equipment Gain on Disposal of Plant Assets Equipment (To record sale of forklift) Dec. 31 Depreciation Expense Accumulated Depreciation-Equipment (To record depreciation expense on truck) Dec. 31 Accumulated Depreciation-Equipment Loss on Disposal of Plant Assets Equipment