Problem 7-3 Your answer is partially correct. Try again Blossom Company had the following assets on January 1, 2017 Useful Life Item Machinery $85,200 Jan. 1, 2007 Forklift Truck Cost Purchase Date (in years) Salvage Value 10 36,000 40,080 Jan. 1, 2014 Jan. 1, 2012 3,600 During 2017, each of the assets was removed from service. The machinery was retired on January 1. The forklift was sold on June 30 for $14,400. The truck was discarded on December 31. The company uses straight-line depreciation. All depreciation was up to date as of December 31, 2016 Compute the gain or loss for each of the asset disposals that occurred in 2017. (Hint: Be sure to update depreciation for each asset from January 1, 2017, to disposal date.) Item Gain or Loss Amount Machinery T No gain or loss Forklift Gain 14400 Truck 3600 Loss Click if you would like to Show Work for this question: Open Show Work