Disposal of Fixed Asset Equipment acquired on January 6 at a cost of $375,000 has an estimated useful life of 20 years and an estimated residual value of $25,000. a. What was the annual amount of depreciation for the Years 1-3 using the straight-line method of depreciation? Depreciation Expense $ 17,500 17.500 $ 17,500 b. What was the book value of the equipment on January 1 of Year 47 $ 305,000 X c. Assuming that the equipment was sold on January 3 of Year 4 for $300,000 journalize the entry to record the sale of an amount box does not require an entry bank Yes 300.000 Jan 3 m ated Depreciation Licent 17.500 X 5000 375.000