On January 1, 2017, Global Manufacturing purchased a machine for $540,000 that it expected to have a useful life of four years. The company estimated that the residual value of the machine was $60,000. Global Manufacturing used the machine for two years and sold it on January 1, 2019, for $240,000. As of December 31, 2018, the accumulated depreciation on the machine was $240,000 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 2. Record the sale of the machine on January 1, 2019 (Record debits first, then credits. Exclude explanations from any jounal entries.) Journal Entry Date Accounts Debit Credit 2019 Jan 1 ted depreciation on the machine was $240,000 ts in or loss on the s i Requirements ring will record a ries.) e of the machine on 1. Calculate the gain or loss on the sale of the machinery. 2. Record the sale of the machine on January 1, 2019 A Print Done any list or enter any number in the input fields and then continue to the next