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Sheridan Company had the following assets on January 1, 2022. Item Cost Purchase Date Useful Life (in years) Salvage Value Machinery Forklift $61,060 Jan.
Sheridan Company had the following assets on January 1, 2022. Item Cost Purchase Date Useful Life (in years) Salvage Value Machinery Forklift $61,060 Jan. 1, 2012 10 $0 Truck 25,800 28.728 Jan. 1, 2019. 5 0 Jan. 1, 2017 8 2,584 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 $10,320. 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.) Item Machinery Forklift Gain or Loss Amount
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