On January 1. 2020, General Manufacturing purchased a thachine for $860,000 that it expected to hyve a usefur Wo of sox yearn. The company estimated that the residual value of the machine wos $20,000. General Manufacturing used the machine for two years and sold it co January 1, 2022. for $200,000. As of December 31 , 2021, the accumplated depreciation con the machine was $260.000. Read the tegultements. 1. Calculate the gain or loss on then sale of the machinery. (Use a minus sign or parentheses for a loss) Gain of (loss) on the sale of the machinery Requirements 1. Calculate the gan or loss on the saln of the machinery 2. Record the sale of the machine cen January 1, 2022