On January 1, 2017, Extensive Manufacturing purchased a machine for $780,000 that it expected to have a useful life of four years. The company estimated that the residual value of the machine was $60,000. Extensive Manufacturing used the machine for two years and sold it on January 1,2019 , for $150,000. As of December 31,2018 , the accumulated depreciation on the machine was $360,000. Read the requirements. 1. Calculate the gain or loss on the sale of the machinery. Extensive Manufacturing will record a of $ on the sale of the machinery