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rent Attempt in Progress Sheridan Company had the following assets on January 1, 2022. Item Machinery Forklift Truck Cost $78,100 33,000 36,744 Item Purchase Date Jan. 1, 2012 Jan 1, 2019 Jan. 1, 2017 Useful Life (in years) 10 Gain or Loss 5 8 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 $13,200. The truck was discarded on December 31. The company uses straight-line depreciation. All depreciation was up to date as of December 31, 2021. Salvage Value $0 0 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) 3,304 Amount
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 $13.200. 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 Truck Gain or Loss eTextbook and Media $ Amount Attempts: 0 of 3 used Submit Answer