Question 5 of 27 -16 15 View Policies Current Attempt in Progress Crane Company had the following assets on January 1, 2022. Item Machinery Forklift Truck Cost $69.580 29.400 32,736 Purchase Date Jan. 1. 2012 Jan. 1. 2019 Jan. 1. 2017 Useful Life (in years) 10 Salvage Value $0 0 8 2.944 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 $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, 2021. 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.) Gain or Loss Amount Machinery Item Forklift Gain Truck $ Loss No gain or loss Save for Later Attempts: 0 of 1 used Submit