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XYZ Corporation purchased a machine for $50,000 on January 1, 2021, with a useful life of 10 years and a salvage value of $5,000. The

XYZ Corporation purchased a machine for $50,000 on January 1, 2021, with a useful life of 10 years and a salvage value of $5,000. The company uses the straight-line method to depreciate the machine. On July 1, 2023, the company decided to sell the machine for $30,000. Calculate the gain or loss on the sale of the machine and the journal entry to record the sale.

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