On January 1, 2017 National Manufacturing purchased a machine for $1,020,000 that is expected to have a use of six years. The company estimated that the residual value of the machine was $60,000 National Manufacturing used the machine for two years and sold on January 1, 2019 for $20,000. As of December 31, 2018 the accumulated depreciation on the machine was $320.000 Read the requirements 1. Calculate the gain or loss on the sale of the machinery National Manufacturing wil record of on the sale of the machinery