Entries for Sale of Fixed Asset Equipment acquired on January at a cost of $131,390 has an estimated useful life of 13 years, has an estimated residual value of $7,500, 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? Book value is the initial cost of the fied asset minus the accumulated depreciation. b. Assume that the equipment was sold on April 3 of the fifth year for $85,207. 1. Journalize the entry to record depreciation for the three 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 Feedback 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