i Requirements 1. Calculate the gain or loss on the sale of the machinery. 2. Record the sale of the machine on January 1, 2019. Print Print Done Done On January 1, 2017, National Manufacturing purchased a machine for $700,000 that it expected to have a useful life of four years. The company estimated that the residual value of the machine was $100,000. National Manufacturing used the machine for two years and sold it on January 1, 2019, for $260,000. As of December 31, 2018, the accumulated depreciation on the machine was $300,000. Read the requirements 1. Calculate the gain or loss on the sale of the machinery. National Manufacturing will record of $ on the sale of the machinery. gain loss