• 1. Equipment acquired on January 3, 2003, at a cost of $96,000, has an estimated useful life of 6 years and an estimated residual value of $6,000. Required a. What was the annual amount of depreciation for the years 2003, 2004, and 2005, using the straight-line method of depreciation? b. What was the book value of the equipment on January 1, 2006? c. Assuming that the equipment was sold on January 2, 2006, for $38,000, journalize the entry to record the sale. d. Assuming that the equipment had been sold on January 2, 2006, for $53,000 instead of $38,000, journalize the entry to record the sale.