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On January 1,2020, National Manufscturing purchased a machine for $840,000 that it erpected to have...

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Accounting

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On January 1,2020, National Manufscturing purchased a machine for $840,000 that it erpected to have a useful life of five years. The company estimated that the residual value of the machine was $90,000. National Manufacturing used the machine for two years and sold it on January 1,2022 , for $150,000. As of December 31 , 2021, the accumulated dopreciatien on the machine was $300,000 Read the requirements 1. Calculate the gain or loss on the save of the machinery. (Use a manus son or parentheses for a foss) Gain or (loss) on the asle of the machinery Requirements 1. Calculate the gain or loss on the sale of the machinery. 2. Record the sale of the machine on January 1,2022

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