Entries for sale of fixed asset

Equipment acquired on January $8$ at a cost of $$120,790$ has an estimated useful life of $12$ years, has an estimated residual value of $$7,150,$ and is depreciated by the straighe

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 $$74,237.$

Account

Debit

Credit

Depreciation Expense$-$Equipment

Accumulated Depreciation$-$Equipment

$2.$ 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 intermediate calculations.