eBook Show Me How Entries for sale of fixed asset Instructions Chart of Accounts First Question Journal x Instructions Equipment acquired on January 8 at a cost of $144,930, has an estimated useful life of 14 years, has an estimated residual value of $8,850, 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 $98,290, journalize the entries to record (1) depreciation for the three months until the sale date, and (2) the sale of the equipment. Refer to the Chart of Accounts for exact wording of account titles. structions Chart of Accounts First Question art of Accounts CHART OF ACCOUNTS General Ledger ASSETS REVENUE 410 Sales 110 Cash 610 Interest Revenue 620 Gain on Sale of Delivery Truck 621 Gain on Sale of Equipment 111 Petty Cash 112 Accounts Receivable 114 Interest Receivable 115 Notes Receivable 116 Merchandise Inventory 117 Supplies 119 Prepaid Insurance 120 Land 123 Delivery Truck 124 Accumulated Depreciation-Delivery Truck EXPENSES 510 Cost of Merchandise Sold 520 Salaries Expense 521 Advertising Expense 522 Depreciation Expense-Delivery Truck 523 Delivery Expense Check My Work eBook Show Me How Entries for sale of fixed asset Instructions Chart of Accounts First Question Journal First Question A. What was the book value of the equipment at December 31 the end of the fourth year? $ ) eBook Show Me How Entries for sale of fixed asset Instructions Chart of Accounts First Question Journal Journal B. Assuming that the oquipment was sold on April 1 of the fifth year for $98,290, journalize the entries to record the following (refer of account titles): 1. Depreciation for the three months until the sale date JOURNAL POST. REF DESCRIPTION DEBIT CREDIT DATE 1 2 2. The sale of the equipment JOURNAL DESCRIPTION POST REF DEBIT DATE CREDIT + 2 3 4