On January 1, 2020, Global Manufacturing purchased a machine for $820,000. The company expected the machine to remain useful for eight years and to have a residual value of $20,000. Global Manufacturing uses the straight-line method to depreciate its machinery. Global Manufacturing used the machine for three years and sold it on January 1. 2023 , for $275,000. Read the Requirements 1. Compute accumulated depreciation on the machine at January 1, 2023 (same as December 31, 2022). 2. Record the sale of the machine on January 1, 2023