Company owns equipment that cost $50,000 when purchased on January 1, 2011. It has been depreciated using the straight-line met Foley based on estimated salvage value of $8,000 and an estimated useful life of 5 years Instructions Prepare Foley Company's journal entries to record the sale of the equipment in these four independent situations $50,000 Asset Cost 8,000 Salvage value Useful Life 5 2011 2012 2013 2014 2015 Calculate the book value on the date of the sale Accumulated Depreciation Amount Book Value Book Value Cost Accumulated depreciation