Points: 1.21 of 2 Save On January 1, 2020, Universal Manufacturing purchased a machine for $1,000,000 that it expected to have a useful life of six years. The company estimated that the residual value of the machine was $40,000. Universal Manufacturing used the machine for two years and sold it on January 1, 2022, for $320,000. As of December 31, 2021, the accumulated depreciation on the machine was $320,000. Read the requirements. 1. Calculate the gain or loss on the sale of the machinery. (Use a minus sign or parentheses for a loss.) Gain or (loss) on the sale of the machinery A 1. Calculate the gain or loss on the sale of the machinery. (Use a minus sign or parentheses for a loss.) Gain or (loss) on the sale of the machinery 50 000) 2. Record the sale of the machine on January 1, 2022 (Record debits first, then credits. Exclude explanations from any journal entries.) Date 2022 Jan 1 Cash Journal Entry Accounts Debit Credit Accumulated Depreciation Loss on Sale of Machinery Machinery S Etext pages Get more help - Similar