Exercise 7-59 (Algorithmic) Disposal of Fixed Asset Pacifica Manufacturing retired a computerized metal stamping machine on December 31, 2019. Pacifica sold the machine to another company and did not replace it. The following data are available for the machine: Cost (installed), 1/1/2014 $920,000 Residual value estimated on 1/1/2014 160,000 Estimated life as of 1/1/2014 8 years The machine was sold for $192,000 cash. Pacifica uses the straight-line method of depreciation. Required: Question Content Area