Sherman, Inc., uses the calendar year as its reporting period. During Year 1, the company completed numerous property, plant, and equipment transactions. In particular, Sherman incurred long-term debt to build a new warehouse storage facility at its current location. An unrelated building contractor managed the new warehouse construction project.

Sherman has a policy of capitalizing expenditures with a unit cost of at least $1,000 and a useful life greater than one year. The company prorates depreciation expense in the year of acquisition based on the date of purchase.

Complete Sherman's calculations of the gain or loss on each of the dispositions of property, plant, and equipment assets using the information above. Enter the appropriate amounts in the designated cells below. Indicate losses by using a leading minus (-) sign.

Item	Amount
Furniture sold
Original cost of the furniture	$13,000
Accumulated depreciation on the furniture	11,500
Fair market value of replacement furniture	18,000
Sales price of the furniture sold	1,200
Gain or loss recognized
Pickup truck exchanged for a new pickup truck
Original cost of truck	$24,000
Accumulated depreciation of truck	21,000
Sticker price of new truck	27,000
Fair market value of the new truck	25,500
Cash paid to dealer	21,500
Gain or loss recognized
Equipment destroyed by fire
Original cost of equipment	$17,500
Accumulated depreciation	3,500
Insurance proceeds	15,000
Cost to replace equipment	23,000
Gain or loss recognized