Dispos$$l of Fixed Asset

Equipment acquired on January $3,20Y1,$ at a cost of $$412,500,$ has an estimated useful life of $20$ years and an estimated residual value

a$.$ What was the annual amount of depreciation for the years $20Y1,20Y2,$ and $20Y3,$ using the straight$-$line method of depreciation? Round annual depreciation to the nearest dollar and use this amount in your follow$-$on calculations.

Depreciation expense

$20Y1$

$

$20Y2$

$20Y3$

$q,$

$q,$

b$.$ What was the book value of the equipment on January $1,20Y4?$

$ $$

For decreases in accounts or outflows of cash, enter your answers as negative numbers. If no account or activity is affected, select $"$No effect" from the dropdown and leave the corresponding number entry box blank.

c$.$ Assuming that the equipment was sold on January $2,20Y4,$ for $$165,000,$ illustrate the effects on the accounts and financial statements of the sale.

Financial Statement Effects

Balance Sheet $q,$

Assets

$=,$ Liabilities

Stockholder: