On January 1, 2017, International Manufacturing purchased a machine for $930,000. The company expected the machine to remain useful for five years and to have a residual value of $110,000. International Manufacturing uses the straight-line method to depreciate its machinery. International Manufacturing used the machine for three years and sold it on January 1, 2020, for $275,000. Read the requirements. 1. Compute accumulated depreciation on the machine at January 1, 2020 (same as December 31, 2019). The accumulated depreciation is $ 492.000 2. Record the sale of the machine on January 1, 2020. (Record debits first, then credits. Exclude explanations from any journal entries.) Journal Entry Date Accounts Credit Debit 275000 492000 Cash Accumulated Depreciation Machinery Loss on Sale of Machinery Machinery 930000