On January 1, 2020, ABC Manufacturing purchased a machine for $860,000. The company expected the machine to remain useful for five years and to have a residual value of $70,000. ABC Manufacturing uses the straight-line method to depreciate its machinery. ABC Manufacturing used the machine for three years and sold it on January 1, 2023, for $300,000. Read the requirements 1. Compute accumulated depreciation on the machine at January 1, 2023 (same as December 31, 2022). The accumulated depreciation is Journal Entry Accounts Date Debit Credit