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Question 3 On January 1, 2015, Toshi Limited purchased a machine for $750,000. The machine...

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Question 3 On January 1, 2015, Toshi Limited purchased a machine for $750,000. The machine was estimated to have a 20-year useful life with a residual value of $100,000. The company used the straight-line method to depreciate the machine. On December 31, 2019, the company sold the equipment for $600,000 cash 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

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