Question: S7-15. (Learning Objectives 3, 4: Compute depreciation; record a gain or loss on disposal) On January 1,2017, Worldwide Manufacturing purchased a machine for $810,000 that

S7-15. (Learning Objectives 3, 4: Compute depreciation; record a gain or

S7-15. (Learning Objectives 3, 4: Compute depreciation; record a gain or loss on disposal) On January 1,2017, Worldwide Manufacturing purchased a machine for $810,000 that it expected to have a useful life of four years. The company estimated that the residual value of the machine was $50,000. Worldwide Manufacturing used the machine for two years and sold it on January 1,2019, for $350,000. As of December 31, 2018, the accumulated depreciation on the machine was $380,000. 1. Calculate the gain or loss on the sale of the machine 2. Record the sale of the machine on January 1, 2019 ry

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