eBook Show Me How Calculator Print Item Entries for Sale of Fixed Asset Equipment acquired on January 8 at a cost of $156,200, has an estimated useful life of 16 years, has an estimated residual value of $7,400, and is depreciated by the straight-line method. a. What was the book value of the equipment at December 31 the end of the fourth year? b. Assuming that the equipment was sold on April 1 of the fifth year for 110,785. 1. Journalize the entry to record depreciation for the three months until the sale date. Round your answers to the nerest whole dollar if required.