2. The following equipment was purchased July 1, 2016. Initial Cost $595,000 Expected Useful Life 5 years Expected Salvage Value $70,000 Record depreciation expense for 2016 using the straight-line method. Assets Liabilities Stockholders' Equity b. What is the book value of the equipment at December 31, 2016 after depreciation has been recorded? C. Record depreciation expense for 2017 using the straight-line method. Assets Liabilities Stockholders' Equity d. The equipment sold for $219,500 on July 1, 2020. The Accumulated Depreciation account had a balance of $367,500 on December 31, 2019. What is the book value of the equipment on the date of sale? (Hint: need to record depreciation expense from last adjustment to the date of sale "catch-up entry") e. What is the gain or loss on sale? f. What is the transaction to record the sale? Assets Liabilities Stockholders' Equity