On January 1, 2017, General Manufacturing purchased a machine for $850,000 that it expected to have a useful life of five years. The company estimated that the residual value of the machine was $100,000. General Manufacturing used the machine for two years and sold it on January 1, 2019, for $280,000. As of December 31, 2018, the accumulated depreciation on the machine was $300,000 Read the requirements. 1. Calculate the gain or loss on the sale of the machinery. General Manufacturing will record a of $ on the sale of the machinery * Requirements 2 1. Calculate the gain or loss on the sale of the machinery 2. Record the sale of the machine on January 1, 2019. Print Done