Entries for sale of fixed asset. Equipment acquired on January 8 at a cost of $123,690 has an estimated usefut life of 16 years, has an estimated residual value of $9,450, and is depreciated by the stright-ine method. a. What was the book yalue 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 387,905 . 1. Journalize the entry to record depreciaton for the 3 months until the sale date. If an amount box does not require an entry, leave it blank. Round your answers the nearest whole dollar if required. 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