On January 1, 2017, ABC Manufacturing purchased a machine for $890,000. The company expected the machine to remain useful for eight years and to have a residual value of $40,000. ABC Manufacturing uses the straight-line method to depreciate its machinery. ABC Manufacturing used the machine for three years and sold it on January 1, 2020, for $300,000. Read the requirements. 1. Compute accumulated depreciation on the machine at January 1, 2020 (same as December 31, 2019). The accumulated depreciation is $ 2. Record the sale of the machine on January 1, 2020. (Record debits first, then credits. Exclude explanations from any journal entries.) Date Journal Entry Accounts Debit Credit