Disposal of Fixed Asset

Equipment acquired on January $6$ at a cost of $$242,900$ has an estimated useful life of $8$ years and an estimated residual value of $$31,700.$

a$.$ What was the annual amount of depreciation for Years $1-3$ using the straight$-$line method of depreciation?

b$.$ What was the book value of the equipment on January $1$ of Year $4?$

$5$

c$.$ Assuming that the equipment was sold on January $3$ of Year $4$ for $$155,500,$ journalize the entry to record the sale. If an amount box does not require an entry, leave it blank.

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