During 2022, each of the assets was removed from service. The machinery was retired on January 1.The forklift was sold on January 30 for $11,280. The truck was discarded on December 31. The company uses straight-line depreciation. All depreciation was up to date as of December 31,2021.

Compute gain or loss for each of the assets disposals that occurred in 2022 (Hint: Be sure to update depreciation for each asset from January 1,2022, to disposal date.)

Item Gain or Loss Amount

Machinery

Forklift