On January 1, 2020, Lincoln Manufacturing purchased a machine for $930,000. The company expected the machine to remain useful for eight years and to have a residual value of $110,000. Lincoln Manufacturing uses the straight-line method to depreciate its machinery. Lincoln Manufacturing used the machine for four years and sold it on January 1, 2024, for $250,000. Read the requirements. Requirements 1. Compute accumulated depreciation on the machine at January 1, 2024 (same as December 31, 2023). 2. Record the sale of the machine on January 1, 2024. Print Done - 3).