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III 204 dll Question 2 On January 1, 2016, Norco Limited purchased a vehicle for $425,000. The vehicle was estimated to have a 10 year useful life with a residual value of $25,000. The company used the straight-line method to depreciate the machine. On December 31, 2021, the company sold the equipment for $105,000 cash. (9 marks) 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 DATE ACCOUNT DEBIT CREDIT