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