Pine Company had the following assets on January 1, 2022.

Item		Cost		Purchase Date		Useful Life (in years)		Salvage Value
Machinery		$71,000		Jan. 1, 2012		10		$ -0-
Forklift		30,000		Jan. 1, 2019		5		-0-
Truck		33,400		Jan. 1, 2017		8		3,000

During 2022, 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, 2021.

Instructions

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

Loss on truck disposal $10,600

Record property, plant, and equipment transactions; prepare partial balance sheet.