An asset is acquired on July 1 of Year 1 (7/1/x1) and has cost of $701.000 with a salvage value of $15,000. It also has a useful life of 5 years. It is depreciated using the Straight Line Method. What will be the balance in accumulated deprecation on 12/31/X3 (December 31, Year 3)? What is the Net Book value of this asset on 12/31/x4? lf the asset is sold on January 1, of Year $(1/1XS), for $22,000 cash, what is the Journal Entry needed to record the sale? A Machine is purchased 1/1/X1 for to put 10% $440,000 by the firm DWalton Ops, LLC. DWalton had The cash down and financed the remainder of the purchase price with a long term note. ops Machine has a useful life of 5 years and it also has a salvage value of $40,000