On January 1, 2015, Extensive Manufacturing purchased a machine for $1.050.000 that is expected to have a sette of five years. The company estimated that the residual value of the machine was $50.000. Extensive Manufacturing de machine for two years and sold it on January 1, 2017 for $350,000. As of December 31, 2016, the accumulated depreciation on the machine was 1400.000 1. Calculate the gain or loss on the sale of the machinery 2. Record the sale of the machine on January 1, 2017 1. Calculate the gain or loss on the sale of the machinery Extensive Manufacturing will record a of on the sale of the machinery 2. Record the sale of the machine on January 1, 2017. (Record debts first, then credits Exclude explanations from any journal entre) Journal Entry Date Accounts Debi Credit 2017 Jan 1 mber in the input fields and then continue to the next