On January 1, 2017, National Manufacturing purchased a machine for $990,000 that it expected to have a useful life of four years. The company estimated that the residual value of the machine was $110,000. National 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 $440,000. Read the requirements. 1. Calculate the gain or loss on the sale of the machinery. National Manufacturing will record a v of $ on the sale of the machinery. i Requirements 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