Disposal of Fixed Asset Equipment acquired on January 6 at a cost of $187,700 has an estimated useful life of 8 years and an estimated residual value of $24,500. 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 ontianuary 1 of Year 4? c. Assuming that the equipment was sold on January 3 of Year 4 for $120,200, journalize the entry to record the sale. If an amount box does not require an entry, leave it blank. Cash Accumulated Depreciation-Equipment Loss on Sale of Equipment Equipment 120,000 d. Assuming that the equipment had been sold on January 3 of Year 4 for $129,000 instead of $120,200, journalize the entry to record the sale. If an amount box does not require an entry, leave it blank. Cash Accumulated Depreciation-Equipment Equipment Gain on Sale of Equipment 129,000

Equipment acquired on January 6 at a cost of $187,700 has an estimated useful life of 8 years and an estimated residual value of $24,500. a. What was the annual amount of depreciation for Years 13 using the straight-line method of depreciation? b. What was the book value of the equipment ontanuary 1 of Year 4 ? c. Assuming that the equipment was sold on January 3 of Year 4 for $120,200, journalite the entry to record the sale. If an amount box does not require an entry, leave it blank. d. Assuming that the equipment had been sold on January 3 of Year 4 for $129,000 instead of $120,200, journalize the entry to record the sale, If an amount box does not require an entry, leave it blank