Problem 7-3 Sunland Company had the following assets on January 1, 2017. Useful Life Cost Purchase Date (in years) Salvage Value Item Machinery $62,480 Jan. 1, 2007 Forklift Truck 10 26,400 29,392 Jan. 1, 2014 Jan. 1, 2012 8 2,640 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 $10,560. 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.) Gain or Loss Item Machinery No gain or loss Forklift Truck Amount 0 Click if you would like to Show Work for this question: Ope