July 1, 2016, Osceola Company retired a metal stamping machine that it had originally purchased for $3, 500,000. At December 31, 2015, the machine had a book value of $125,000 and was depreciated on a straight line basis at $75,000 per year. Osceola sold the machine for $200,000. Prepare any Journal entries necessary to record the disposal of the machine. Next 1 Level How does the disposal of the machine affect the 2016 financial statements