Entries for sale of fixed asset Instructions Chart of Accounts First Question Journal Instructions Equipment acquired on January 8 at a cost of $100,870, has an estimated usetul te of 12 years, has an estimated residual value of $9,550, 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? B. Assuming that the equipment was sold on April 1 of the Moth year for $81,667. Journalize the entries to record (1) depreciation for the three months until the sale date, and (2) the sale of the equipment Refer to the Chart of Accounts for exact wording of account bles. POST. REF. DERIT CREDIT ASSETS LABILITIES DATE DESCRIPTION Apr. 1 Depreciation Expense-Equipment TQUITY 3,805.00 Shaded cels have feedback 1. Depreciation for the three months until the sale date How does greding work? PAGE 1 ch Score: 21/25 ACCOUNTING EQUATION POST. REF DERIT CREDIT ASSETS LIABILITIES EQUITY DATE DESCRIPTION Apr. 1 Depreciation Expense-Equipment Accumulated Depreciation Equipment 3.805.00 3,805.00