1975 cb550 bad sounds

recently I bought a cb550 in cherry condition. Needs very little
cosmetic work. Just a little bit of rust nothing I can't take care of.
But it does make two annoying sounds. The first sound happens when you
go over a speed bump or hit a small pot hole. It sounds somewhat like
a thunk sound. But only when the forks or rear shocks need to
compress. I cannot recreate the sound with me pushing down and trying
to compress the forks or shocks. The other sound is a barking sound
when I engage the clutch into first from a dead stop. Like the clutch
wasn't fully grabbing and then snagged the gear. Any ideas on how to
fix, what to look at, or what is causing this would be appreciated.

 

Loose head races, or quite possibly knackered forks. Not too hard to
sort.

Try a set of new clutch plates and springs (cost about 60 bucks). If it
persists, then you may have a nastier problem.

 

Does it have a center stand? With a weak spring, that could maybe sag a
little before snapping back up? See if you can find a way to push it down
and release it as you ride to try simulating the noise. Just don't stick
your foot in the back wheel. The squealing clutch is another issue. If it
doesn't slip under load, it's probably just an annoyance.