On January 1, 2017, Brown's Manufacturing purchased a machine for $860,000. The company expected the machine to remain useful for ten years and to have a residual value of $70,000. Brown's Manufacturing uses the straight-line method to depreciate its machinery. Brown's Manufacturing used the machine for six years and sold it on January 1, 2023, for $250,000. Read the requirements 1. Compute accumulated depreciation on the machine at January 1, 2023 (same as December 31, 2022). The accumulated depreciation is $ 2. Record the sale of the machine on January 1, 2023. (Record debits first, then credits. Exclude explanations from any journal entries.) Journal Entry Date Accounts Debit Credit Requirements - X 1. Compute accumulated depreciation on the machine at January 1, 2023 (same as December 31, 2022). 2. Record the sale of the machine on January 1, 2023. Print Done