eBook Show Me How Video Question Content Area Sale of Asset Equipment acquired on January 9, 20Y3, at a cost of $551,000, has an estimated useful life of 17 years, an estimated residual value of $55,100, and is depreciated by the straight-line method. a. What was the book value of the equipment at the end of the fifth year, December 31, 20Y7? Round your interim calculations and final answer to the nearest dollar. $fill in the blank 1 Enter account decreases, cash outflows, and the income statement effects that decrease net income as negative amounts. However, for contra asset accounts, enter account increases as a negative value. Round annual depreciation to the nearest dollar and use this amount in your follow-on calculations. If no account or activity is affected, select "No effect" from the dropdown and leave the corresponding number entry box blank. b1. Assuming that the equipment was sold on July 1, 20Y8, for $165,300, illustrate the effects on the accounts and financial statement of depreciation for the six months until the sale date. Financial Statement Effects Balance Sheet Assets = Liabilities + Stockholders' Equity No effect - Accumulated depreciation-equipment = No effect + Retained earnings July 1. fill in the blank 6 0 fill in the blank 7 fill in the blank 8 0 fill in the blank 9 Statement of Cash Flows Income Statement fill in the blank 11 fill in the blank 13 b2. Assuming that the equipment was sold on July 1, 20Y8, for $165,300, illustrate the effects on the accounts and financial statement of the sale of the equipment. Financial Statement Effects Balance Sheet Assets = Liabilities + Stockholders' Equity Cash + Equipment - Accumulated depreciation-equipment = No effect + Retained earnings July 1. fill in the blank 19 fill in the blank 20 fill in the blank 21 fill in the blank 22 0 fill in the blank 23 Statement of Cash Flows Income Statement Investing fill in the blank 25 Loss on disposal of fixed assets fill in the blank 27