Assignment 4 - Chapter 6 Comm 204 -Fall 2020 Question 2 On January 1, 2016, SuperCyce Limited purchased a machine for $350,000. The machine was estimated to have a 7 year useful life with a residual value of $25,000. The company used the straight-line method to depreciate the machine. On December 31, 2020, the company sold the equipment for $123,000 cash. (9 marks) Required 1. Calculate the gain or loss on sale on the sale of the machine. 2. Prepare the journal entry to recognize the sale of the machine. Requirement DATE ACCOUNT DEBIT CREDIT Assignment 4 - Chapter 6 Comm 204 - Fall 2020 Question 3 Prepare the journal entries for the following independent situations to recognize the purchase and amortization for the first year. Explanations are not required. a) January 1, 2020, XPIRIT LI. Pars ID00,000 to acquire