Entries for Sale of Fixed Asset Equipment acquired on January 8 at a cost of $154,870, has an estimated useful life of 16 years, has an estimated residual value of $9,750, and is deprecdatesd by the straight-line method a. What was the book value of the equipment at December 31 the end of the fourth year? 118,590 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 109,517. 1. Journalize the entry to record depreclation for the three months untl the sale date. Round your answers to the nerest whole dollar if required Depreciation Expense Equipment Accumulated Depreciation Equipment Feeback Check My Work The depreciation account of the fixed asset being sold or discarded needs to be updated to reflect the months of use in the year it is being discarded or sold. The straight-line method of depreciation calculates the amount of depreciation to be recognized each year. 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