(E11-6) Jones Company's adjusted trial balance showed the following balances at December 31, 2004: Required: Equipment Depreciation expense Accumulated depreciation Debit Credit $ 60,000 7,000 $ 35,000 a. If the company had been using straight-line depreciation, and the expected useful life life of the equipment is 8 years, what is the expected salvage value? b. For how many years had the company been using the equipment as of the end of 2004? c. What entry was made to record depreciation expense on December 31, 2004? d. If the equipment were sold on January 2, 2005, for $12,000, what entry would be made?