On January 1,2020 , General Manufacturing purchased a machine for $730,000 that it expected to have a useful life of five years. The company estimated that the residual value of the machine was $80,000. General Manufacturing used the machine for two years and sold it on January 1,2022 , for $180,000. As of December 31,2021 , the accumulated depreciation on the machine was $260,000. Read the requirements. Requirements 1. Calculate the gain or loss on the sale of the machinery. 2. Record the sale of the machine on January 1, 2022