On January 1, 2020, Brown's Manufacturing purchased a machine for $820,000. The company expected the machine to remain useful for five years and to have a residual value of $40,000. Brown's Manufacturing uses the straight-line method to depreciate its machinery. Brown's Manufacturing used the machine for two years and sold it on January 1, 2022, for $250,000. Read the requirements. 1. Compute accumulated depreciation on the machine at January 1, 2022 (same as December 31, 2021). The accumulated depreciation is 2. Record the sale of the machine on January 1, 2022. (Record debits first, then credits. Exclude explanations from any journal entries.) Journal Entry Date Accounts ... Debit Credit

On January 1, 2020, Brown's Manufacturing purchased a mochine for $820,000. The compary expected the machine to remain useful for five years and to have a residual value of \$40,000 Brown's Manufacturing uses the straight-line method to depreciate its machinery. Brown's Manufacturing used the machine for two years and sold it on danuary 1,2022 , for $250,000 Read the tequitements 1. Compute accumuated depreciation on the machine at January 1, 2022 (eame as December 31, 2021). The accumulated dopreciation is 2. Record the saie of the machine on January 1, 2022. (Record debits first, then crodts. Exolude explanations from ary joumal enties.)