View Policies Show Attempt History Current Attempt in Progress Your answer is partially correct. Blossom Company had the following assets on January 1, 2022. Useful Life Item Cost Purchase Date (in years) Machinery Forklift $52,540 Jan. 1, 2012 10 Salvage Value $0 22,200 Jan. 1, 2019 5 Truck 24,720 Jan. 1, 2017 8 0 2.224 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 $8,880. 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 Gain or Loss Amount No gain or loss 9 Forklift Gain $ 2220 Truck Loss V $ eTextbook and Media Save for Later Attempts: 2 of 3 used Submit Answer