Question 3 On January 1, 2015, Toshi Limited purchased a machine for $625,000. The machine was estimated to have a 10 year useful life with a residual value of $50,000. The company used the straight-line method to depreciate the machine. On December 31, 2020, the company sold the equipment for $305,500 cash Required i. 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. Requirement #1 DATE ACCOUNT DEBIT CREDIT