HabbLCROAaBDCCDUAdDOCHODUCCL 1 Normal 1 No Spac... Heading 1 Heading 2 Title Styles Paragraph int to download proofing tools and future updates? Download Don't show again Assignment 4 - Chapter 6 Comm 204-Spring 2020 Question 3 (9 marks) On January 1, 2015, Time Limited purchased a machine for $350,000. The machine was estimated to have a 10 year useful life with a residual value of $15,000. The company used th straight-line method to depreciate the machine. On December 31, 2019, the company sold the equipment for $190,000 cash Required 1. Calculate the gain or loss on sale on the sale of the machine. 2. Prepare the journal entry to recognize the sale of the machine Requirement #1