Disposal of Fixed Asset Equipment acquired on January 8, 20Y1, at a cost of $717,500, has an estimated useful life of 15 years and an estimated residual value of $100,450 a. What was the annual amount of depreciation for the years 20Y1, 20Y2, and 20Y3, using the straight-line method of depreciation? Round annual depreciation to the nearest dollar and use this amount in your follow-on calculations Depreciation expense 41,137 41,137 V 41,137 20Y1 20Y2 20Y3 b. What was the book value of the equipment on January 1, 20Y4? 594,089 For decreases in accounts or outflows of cash, enter your answers as negative numbers. If no account or activity is affected, select "No effect" from the dropdown and leave the corresponding number entry box blank c. Assuming that the equipment was sold on January 7, 20Y4, for $287,000, illustrate the effects on the accounts and financial statements of the sale Balance Sheet Statement of Income Assets - Liabilities+ Stockholders' Equity Cash Flows Cash V + Equipment Accumulated depreciation-equipment = No effect Retained earnings - Jan. 7 287,000 71,750,00 X 12,341,1X Statement of Cash Flows Income Statement 287,000 Loss on disposal of fixed assets 37,453,60 X