4: Straight Line Depreciation V's Violins purchases a violin for $31,000 on Jan 1st of year 1. It is expected to have a useful life of 10 years and a residual value of $1,000. V's Violins uses STRAIGHT LINE depreciation. V's Violins has a year end of December 31st. a) Record the journal entry for recording depreciation in year 5. (Dec 31) (3 marks) b) Record the journal entry to record the sale of the violin at the end of year 7 for $8,500 cash. (Dec 31)