On January 1, 2020, Smith Manufacturing purchased a machine for $920,000. The company expected the machine to remain useful for ten years and to have a residual value of $60,000. Smith Manufacturing uses the straight-line method to depreciate its machinery. Smith Manufacturing used the machine for four years and sold it on January 1, 2024, for $325,000. Read the requirements 1. Compute accumulated depreciation on the machine at January 1, 2024 (same as December 31, 2023). The accumulated depreciation is $ 344,000 2. Record the sale of the machine on January 1, 2024. (Record debits first, then credits. Exclude explanations from any journal entries.) Date Cash Journal Entry Accounts Loss on Sale of Machinery Accumulated Depreciation-Machinery Machinery Debit 325000 Credit