On January 1, 2015, Alpha Manufacturing purchased a machine for $920,000. The company expects the machine to remain useful for eight years and to have a residual value of $70,000. Alpha Manufacturing uses the straight-line method to depreciate its machinery. Alpha Manufacturing used the machine for four years and sold it on January 1, 2019, for $400,000?
1. Compute accumulated depreciation on the machine at January 1, 2019 (same as December 31, 2018)?
2. Record the sale of the machine on January 1, 2019?