On January 1, 2010 Jericho Company purchased machine at total cost $500,000 Useful life for machines 5 year with no residual value, company also used straight line method for depreciation On April 1, 2013 Company sold this machine for $180,000 Journalize the transaction On April 1, 2013 Cash 180,000 321,000 Accumulated Dep. Cain Machine 1,000 500,000 180,000 325,000 Cash Accumulated Dep Gain Machine 5,000 500,000 180,000 325,000 Cash Accumulated Dep loss Machine 5,000 500,000 O 180,000 340,000 Cast Accumulated Dep Gain Machine 20,000 500,000