3, E7-31A (similar to) Part 1 of 2 HW Score: 69.44%, 13.89 of 20 points Points: 3.89 of 5 On January 1, 2020, Smith Manufacturing purchased a machine for $900,000. The company expected the machine to remain useful for eight years and to have a residual value of $50,000 Smith Manufacturing uses the straight-line method to depreciate its machinery. Smith Manufacturing used the machine for four years and sold it on January 1, 2024, for $325,000 Read the requirements 1. Compute accumulated depreciation on the machine at January 1, 2024 (same as December 31, 2023). The accumulated depreciation is 318750 Clear all Save Final check 1. Compute accumulate The accumulated depre Requirements 1. Compute accumulated depreciation on the machine at January 1, 2024 (same as December 31, 2023). 2. Record the sale of the machine on January 1, 2024. Print Done - X