An asset is acquired on July 1 of Year 1 (7/1/X1) and has cost of $70,000 with a salvage value of $10.000. It also has a useful life of 5 years. It is depreciated using the Straight Line Method What will be the balance in accumulated depreciation on 12/31/X3 December 31,Year 3)? What is the Net Book Value of this asset on 12/31/X4? If the asset is sold on January 1, of Y for $18,000 cash, what is the Journal Entry needed to record the sale