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On January 1, 2015, General Manufacturing purchased a machine for $800,000 that it expected to...

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On January 1, 2015, General Manufacturing purchased a machine for $800,000 that it expected to have a useful life of six years. The company estimated that the residual value of the machine was $20,000. General Manufacturing used the machine for two years and sold it on January 1, 2017, for $260,000. As of December 31, 2016, the accumulated depreciation on the machine was $260,000. 1. Calculate the gain or loss on the sale of the machinery. 2. Record the sale of the machine on January 1,2017 1. Calculate the gain or loss on the sale of the machinery. General Manufacturing will record a 2. Record the sale of the machine on January 1, 2017. (Record debits first, then credits. Exclude explanations from any journal entries.) of $ on the sale of the machinery. Journal Entry Date Accounts Debit Credit 2017 Jan. 1

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