d. Assuming that the equipment had been sold on January 3 of Year 4 for $342,000 instead of $315,000, Journalize the entry to record the sale. If an amount box does not require an entry, leave it blank. Year 4 Cash Jan. 3 Accumulated Depreciation Equipment Equipment Gain on Sale of Equipment Feedback Compare the book value amount to the serier sale price, the equipment was sold for a loss d. Assuming that the equipment had been sold on January 3 of Year 4 for $342,000 instead of $315,000, journalize the entry to record the sale. If an amount box does not require an entry, leave it blank. Year 4 Cash Accumulated Depreciation Equipment 1110 1000 Equipment Gain on Sale of Equipment Compare the book value amount to the sale price. If the book value is less than the sale price, the asset was sold for a gain. If the sale price, the equipment was sold for a loss Compare the book value amount to the sale price. If the book value is less than the sale price, the set was sold for sale price, the equipment was sold for a loss. d. Assuming that the equipment had been sold on January 3 of Year 4 for $342,000 instead of $315,000, Journals the entry not require an entry, leave it blank. Year 4 Cash Jan. 3 Accumulated Depreciation Equipment 0011 0010 Equipment Gain on Sale of Equipment Feedback Work rice. If the book value is less than the sale price, the stran Linkedin The Importanc... Digital Learnin... Optical Illusion. My Home CengageNOW... 1. Disposal of F- YOU eBook Show Me How Calculator Print Item Disposal of Fixed Asset Equipment acquired on January 6 at a cost of $401,300 has an estimated useful life of 18 years and an estimated residual value of $25,100. a. What was the annual amount of depreciation for Years 1-3 using the straight-line method of depreciation? Year Depreciation Expense Year 1 Year 2 Year 3 b. What was the book value of the equipment on January 1 of Year 4? Feedback Check My Work Asset cost minus residual value equals depreciable cost. Asset cost minus accumulated depreciation equals book value. The Accumulated Depreciation account is a permanent account and therefore the account grows each year of the asset's life. c. Assuming that the equipment was sold on January 3 of Year 4 for $315,000, journalize the entry to record the sale. If an amount box does not requi it blank Year 4 Cash Jan. 3 Accumulated Depreciation Equipment Loss on Sale of Equipment