Kimmel, Survey of Accounting, 1e Assignment ACCOUNTING FOR MANAGERS (ACCT Gradebook ORION Downloadable eTextbook nent Cullumber Company had the following assets on January 1, 2017 Useful Life Item Cost Purchase Date (in years) Salvage Value Machinery $55,380 23,400 26,056 Jan. 1, 2007 Jan. 1, 2014 Jan. 1, 2012 Forklift Truck 2,344 During 2017, each of the assets was removed from service. The machinery was discarded on December 31. The company uses straight-line depreciation. All depreciation was up to date as of December 31, 2016. retired on January 1. The forkift was sold on June 30 for $9,360. The truck was Compute the gain or loss for each of the asset disposals that occurred in 2017. (Hint: Be sure to update depreciation for each asset from January 1, 2017, to disposal date.) Amount Gain or Loss Machinery No gain or loss v 4680 Forklift Truck Click if you would like to Show Work for this