On January 1,2020 , International Manufacturing purchased a machine for $850,000. The company expected the machine to remain useful for eight years and to have a residual value of $40,000. International Manufacturing uses the straight-line method to depreciate its machinery. International Manufacturing used the machine for three years and sold it on January 1,2023 , for $275,000. 1. Compute accumulated depreciation on the machine at January 1, 2023 (same as December 31, 2022). The accumulated depreciation is 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