On January1, 2017 ZetaManufacturing purchased a machine for $940,000. The company expected the machine to remain useful for eight years and to have a residual value of $70,000. Zeta Manufacturing uses thestraight-line method to depreciate its machinery. Zeta Manufacturing used the machine for three years and sold it on January1, 2020, for $ 300,000

Compute accumulated depreciation on the machine at January1, 2020 (same as December31, 2019).

Record the sale of the machine on January1, 2020.