On January 1, 2017, Compass Manufacturing purchased a machine for $830,000 that it expected to have a useful life of four years. The company estimated that the residual value of the machine was S30,000. Compass Manufacturing used the machine for two years and sold it on January 1, 2019, for S340,000. As of December 31 2018, the accumulated depreciation on the machine was $400,000 Read the requirements 1. Calculate the gain or loss on the sale of the machinery Compass Manufacturing will record a on the sale of the machinery. of $