Disposal of fixed asset Equipment acquired on January 6 at a cost of $360,200 has an estimated useful life of 9 years and an estimated residual value of $47,000. a. What was the annual amount of depreciation for Years 1-3 using the straight-line method of depreciation? Year Year 1 Year 2 Year 3 Depreciation Expense $ b. What was the book value of the equipment on January 1 of Year 4? c. Assuming that the equipment was sold on January 3 of Year 4 for $243,000, journalize the entry to record the sale. If an amount box does not require an entry, leave it blank. Debit Credit Date Account January 3 d. Assuming that the equipment had been sold on January 3 of Year 4 for $260,900 instead of $243,000, journalize the entry to record the sale. If an amount box does not require an entry, leave it blank. Debit Credit Date Account January 3