2. record the sale of machinery on january 1, 2022

On January 1, 2020, Regal Manufacturing purchased a machine for $910,000. The company expected the machine to remain useful for five years and to have a residual value of $50,000. Regal Manufacturing uses the straight-line method to depreciate its machinery. Regal Manufacturing used the machine for two years and sold it on January 1, 2022, for $250,000. Read the requirements 1. Compute accumulated depreciation on the machine at January 1, 2022 (same as December 31, 2021) The accumulated depreciation is