Compute gains and losses for disposal of plant assets. (LO 3), AP P7-3 Pine Company had the following assets on January 1, 2017. PurchaseUseful Life Item Cost Date (in years) Slage Valuc Machinery $71,000 Jan. 1, 2007 10 Forklift Truck 30,000 an. 1, 2014 33,400 Jan. 1, 2012 3,000 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 $12,000. The truck was discarded on December 31. The company uses straight-line depreciation. All depreciation was up to date as of December 31, 2016. Comeite dte t Instructions Loss on truck disposal S10,600 Be sure to update depreciation for each asset from January 1, 2017, to disposal date.)