Entries for sale of fored asset Equiprinent acquired on January 8 at a cost of $107,060 has an estimoted useful life- of 13 vears, has an estimated residual value of $8,900, and is depreciated by the stralght-line method. a. What was the book value of the equipment at December 31 the end of the fouth yean? Ferobara Wook value is the initial cost of the fixed asset minus the eccumulated depreciation. b. Assuming that the equipment was sold on April 1 . of the fien vear for $70,525 1. Joumalite the entry to recond depreciabon for the 3 months unta the sale date. If an ampunt box does not require an entry, leave if blank. Round your answers to the nearest whele 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. Cleckin Wen there a gain or a loss on the rale? frmine: Fcreaini wak Partaly coriect