On January 1, 2017, Global Manufacturing purchased a machine for $860,000 that it expected to have a useful life of six years. The company estimated that the residual value of the machine was $20,000. Global Manufacturing used the machine for two years and sold it on January 1, 2019, for $250,000. 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. Global Manufacturing will record a of $ on the sale of the machinery. Requirements 1. Calculate the gain or loss on the sale of the machinery. 2. Record the sale of the machine on January 1, 2019