Entries for Sale of Fixed Asset Equipment acquired on January 5 at a cost of $143,420, has an estimated useful life of 14 years, has an estimated residual value of $10,000, and is depreciated by the straight-line method. What was the book value of the equipment at December 31 the end of the fourth year? 61,600 X a. Check My Work Book value is the initial cost of the fixed asset minus the accumulated depreciation. Learning Objective 3 b. Assuming that the equipment was sold on April 1 of the fifth year for 97,282 1. Journalize the entry to record deprecilation for the three months until the sale date. Round your answers to the nerest whole dollar if required. Depreclation Expense-Equlpment 61,600 X Accumulated Depreclation-Equipment 61,600 x