Disposal of Fixed Asset Equipment acquired on January 6 at a cost of $347,800 has an estimated useful life of 9 years and an estimated residual value of $45,400. a. What was the annual amount of depreciation for the Years 1-3 using the straight-line method of depreciation? Depreciation Expense Year Year 1 Year 2 Year 3 b. What was the book value of the equipment on January 1 of Year 47 Feedback c. Assuming that the equipment was sold on January 3 of Year 4 for $234,700, journalize the entry to record the sale. If an amount box does not require an entry, leave it blank. Jan. 3 Cash Accumulated Depreciation Equipment Loss on Sale of Equipment 101 Equipment