Disposal of Fixed Asset

Equipment acquired on January 6 at a cost of $231,800, has an estimated useful life of 8 years and an estimated residual value of $30,200.

Disposal of Fixed Asset Equipment acquired on January 6 at a cost of $231,800, has an estimated useful life of 8 years and an estimated residual value of $30,200 a. What was the annual amount of depreciation for the 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 $148,400, journalize the entry to record the sale. If an amount box does not require an entry, leave it blank