On January 1, 2020, Grand Manufacturing purchased a machine for $770,000 that it expected to have a useful life of five years. The company estimated that the residual value of the machine was $20,000. Grand Manufacturing used the machine for two years and sold it on January 1, 2022, for $340,000. As of December 31, 2021, the accumulated depreciation on the machine was $300,000. 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

On January 1, 2020, Grand Manufacturing purchased a machine for $720,000 that if expectind to have a useful lo of five yoars. The oompany estimated that the residual value of the mochine was $20,000. Grand Manufocturing used the mochine for ho yeart and sold it on January 1, 2002, for $340,000. As of Docenber 31,2021 , the acecurnulated depreciation on. the machine was $300,000. Read the requerements 1. Caiculate the gain or loss on the sale of the machinery. (Use a minus sigh or parentheses for a lons.) Gain or (loss) on the sale of the machinery