Iona Industries acquired a packaging machine used in its factory operations for $$80,000.$ The machine was originally estimated to have a useful life of $5$ years and a salvage value of $$20,000.$ Iona uses the straight$-$line method of depreciation.

Iona sold the machine on the last day of the third year for $$55,000.$ Depreciation had been recorded through the date of sale.