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Pharoah Company had the following assets on January 1, 2017. Useful Life Item Cost Purchase Date (in years) Salvage Value Machinery $59,640 Jan. 1, 2007 10 $0 Forklift 25,200 Jan. 1, 2014 5 0 Truck 28,056 Jan. 1, 2012 8 2,520 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 $10,080. The truck was discarded on December 31. The company uses straight-line depreciation. All depreciation was up to date as of December 31, 2016. 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.) Item Gain or Loss Amount Machinery Forklift 5 Truck S