Disposal of fixed asset Equipment acquired on January 6 at a cost of $338,100 has an estimated useful life of 7 years and an estimated residual value of $44,100. a. What was the annual amount of depreciation for Years 13 using the straight-line mothod of depreciation? b. What was the book value of the equipment on January 1 of Year 4 ? x Asset cost minus residual value equals depreciable cost: Asset cost minus accumulated depreciation equals book value. The Accumulated Depreciatoon account is a permanent account and therefore the batance in the account grows esch year of the asset's life. c. Assuming that the equipment was sold on January 3 of Year 4 for $201,500, foumalise the entry to record the sale, If an amount box does not require an entry, leave it blank. c. Assuming thot the equipment was sold on Janwary 3 of Year 4 for $201,500, joumalize the entry to record the sale. If an amount box does not require an entry, leave it blanki Janua! Fenteas T Deck My Wort 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 book value is more than the sale orice, the equipment was sold for a loss. d. Assuming that the equipment had been sold on January 3 of Year 4 for $216,300 instead or $201,500, joumalize the entry to record the sale, If an amount, box does not require an entry, leave it blank. Janual reolteick 2 more Check My Work uses renairing