Homework: Chapter 7 Homework Question 4, E7-31A (simit. Part 1 of 2 HW Score: 0%, 0 of 14 points Points: 0 of 3 Save On January 1, 2020, Regal Manufacturing purchased a machine for $890,000. The company expected the machine to remain useful for eight years and to have a residual value of $100.000 Regal Manufacturing uses the straight-line method to depreciate its machinery, Regal Manufacturing used the machine for four years and sold it on January 1, 2024 for $375,000 Read the girements 1. Compute accumutatod depreciation on the machine at January 1, 2024 (same as December 31, 2023) The accumulated depreciation is Requirements X 1. Compute accumulated depreciation on the machine at January 1, 2024 (samo as December 31, 2023) 2. Record the sale of the machine on January 1, 2024. Print Done