On January 1, 2020, General Manufacturing purchased a machine for $1,020,000 that it expected to have a useful life of five years. The company estimated that the residual value of the machine was $120,000. General Manufacturing used the machine for two years and sold it on January 1, 2022, for $320,000. As of December 31. 2021, the accumulated depreciation on the machine was $360,000 Read the requirements. 1. Calculate the gain or loss on the sale of the machinery. (Use a minus sign or parentheses for a loss) Gain or (loss) on the sale of the machinery Requirements 1. Calculate the gain or loss on the sale of the machinery. 2. Record the sale of the machine on January 1, 2022