On January 1, 2017, Regal Manufacturing purchased a machine for $890,000. The company expected the machine to remain useful for eight years and to have a residual value of $110,000. Regal Manufacturing uses the straight-line method to depreciate its machinery. Regal Manufacturing used the machine for three years and sold it on January 1, 2020, for $250,000. Read the requirements. 1. Compute accumulated depreciation on the machine at January 1, 2020 (same as December 31, 2019). The accumulated depreciation is 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 Debit Credit