Question Help On January 1, 2017, Grand Manufacturing purchased a machine for $990,000 that it expected to have a useful ife of four years. The company estimated that the residual value of the machine was $110,000 Grand Manufacturing used the machine for two years and sold it on January 1, 2019, for $340.000. As of December 31, 2018, the accumulated depreciation on the machine was $440,000 Read the requirements 1. Calculate the gain or loss on the sale of the machinery lofs Grand Manufacturing will record a on the sale of the machinery 2. Record the sale of the machine on January 1, 2019. (Record debits first, then credits. Exclude explanalions from any joumal entries) Journal Entry Accounts Debit Credit Date 2019 Jan 1