Question 3 of 5 072 III Crane Company had the following assets on January 1, 2017. Item Machinery Forklift Truck Salvage Value $0 Cost $69.580 29.400 32,736 Useful Life (in years) 10 S Purchase Date Jan 1, 2007 Jan. 1. 2014 Jan 1, 2012 0 8 2,944 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 $11.760. 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 Gain $ 6958 Forklift Gain $ 5880 Truck Loss 3724 2. O o