Entries for sale of fixed asset Equipment acquired on January 8 at a cost of $107,960 has an estimated useful life of 13 years, has an estimated residual value of $8,900, 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? 77,480 Feedback Check My Work Book value is the initial cost of the fixed asset minus the accumulated depreciation. b. Assuming that the equipment was sold on April 1 of the fifth year for $70,525. 1. Journalize the entry to record depreciation for the 3 months until the sale date. If an amount box does not require an entry, leave it blank. Round your answers to the nearest whole dollar if required. Account Depreciation Expense-Equipment Accumulated Depreciation Equipment Debit Credit 1,905 1.905 Feedback Check My Work Check My Work Previous Next 2. Journalize the entry to record the sale of the equipment. If an amount box does not require an entry, leave it blank. Do not round interme calculations. Cash 70,525 Accumulated Depreciation-Equipment Loss on Sale of Equipment Equipment Feedback Check My Work Be sure to record the selling price of the fixed asset. If the company no longer has the fixed asset what account(s) would need to be elimina there a gain or a loss on the sale? Feedback Check My Work Partially correct