Requirements 1. Calculate the gain or loss on the sale of the machinery, 2. Record the sale of the machine on January 1, 2019. On January 1, 2017, Grand Manufacturing purchased a machine for $690,000 that it expected to have a useful life of five years. The company estimated that the residual value of the machine was $90,000. Grand Manufacturing used tho machine for two yoars and sold it on January 1, 2019, for $280,000. As of December 31, 2018, the accumulated depreciation on the machine was $240,000. Read the feguireman 1. Calculate the gain or loss on the sale of the machinery Grand Manufacturing will record a of $ | on the sale of the machinery