Equipment acquired on 3anuary 1,20r3, at a cost of $480,000, has an estimated useful life of 20 vears, has an estimated residual value of $20,000, and is depreciated by the strainht-line mothod. a. What was the book value of the equipment at the end of the fifth year, December 31,20%7? s For decreases in accounts or outflows of cash, enter. your answers as negative numbers. If no account or activity is affected, select "No elfect" from the dropdown and leave the corresponding number entry box blank. b. Assuming that the equipment was sold on January 1,20vB, for $340,000, Iflustrate the effects on the accounts and financial statements of the sale of the equipment. f 20 years, has an estimated residual value of $20,000, 7? bers. If no account or activity is affected, select k. ffects on the accounts and financial statements of the