Required information The following information applies to the questions displayed below.) On April 30, 2017. Tilton Products purchased machinery for $176,000. The useful life of this machinery is estimated at 8 years, with an $16,000 residual value. In the year 2023, Tilton Products sells this machinery for $12,000. At the date of sale, the machinery had been depreciated by Tilton Products to its estimated residual value of $16,000. This sale results in