On January 1, 2017, Absolute Manutacturing purchased a machine for $670,000 that it expected to have a useful ifo of four years. The company estimated that the residual value of the machine was $110,000. Absolute Manufacturing used the machine for two years and sold it on January 1,2019, for $180,000. As of December 31,2018 , the accumulated depreciation on the machine was $280,000 Read the requirements 1. Calculate the gain or loss on the sale of the machinery. Absolute Manufacturing will record a of $ on the sale of the machinery ed the machine for t Requirements achine was $280,00 1. Calculate the gain or loss on the sale of the machinery. 2. Record the sale of the machine on January 1, 2019