On January 1,2020 , Worldwide Manufacturing purchased a machine for $810,000 that it expected to have a useful life of four years. The company estimated that the residual value of the machine was $50,000. Worldwide Manufacturing used the machine for two years and sold it on January 1, 2022, for $350,000. As of December 31, 2021, the accumulated depreciation on the machine was $380,000. Read the requirements. 1. Calculate the gain or loss on the sale of the machinery. (Use a minus sign or parentheses for a loss.) 2. Record the sale of the machine on January 1, 2022. (Record debits first, then credits. Exclude explanations from ar journal entries.)