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Pharoah Company had the following assets on January 1, 2017. Item Cost Purchase Date Useful Life (in years) Salvage Value Machinery $59,640 Jan. 1, 2007

Pharoah Company had the following assets on January 1, 2017.

Item Cost Purchase Date Useful Life (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 GainLossNo gain or loss $
Forklift GainLossNo gain or loss $
Truck GainLossNo gain or loss $

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