Tiger Sales purchased a machine on January 1, 2023, which cost $450,000. The machine had a residual value of $50,000 and a useful life of 10 years. Sullivan Sales can replace this machine with one that is more efficient and decides to sell the old machine for $175,000 on July 1, 2025. Required: Prepare the appropriate journal entries to record the sale of this machine, assuming the company uses the straight-line method of depreciation. The fiscal year ends on December 31.