Question 3 On January 1, 2015, Seebach Limited purchased a machine for $280,000. The machine was estimated to have a 8 year useful life with a residual value of $16,000. The company used the straight-line method to depreciate the machine On December 31, 2019, the company sold the equipment for $123,000 cash Required 1. Calculate the gain or loss on sale on the sale of the machine. 2. Prepare the journal entry to recognize the sale of the machine Requiremati DATE ACCOUNT DEBIT CREDIT Assignment 4 - Chapter 6 Com 204 - Spring 2020 Question 4 Prepare the journal entries for the following independent situations to recognize the purchase and amortization for the first year. Explanations are not required. a) Music Plus paid for several patents on January 1, 2019 for a total price of $180,000. The patents have a legal life of 25 years and are expected to provide revenues for the next 8 years. b) January 1, 2019, Skywalker Ltd. paid $495,000 to acquire Imperial Ltd. Imperial had assets valued at $1,850,000 and liabilities of S1,625,000. DATE ACCOUNT DEBIT CREDIT