Equipment acquired on January 1, 2018 at a cost of $96,000, has an estimated useful life of 6 years

and an estimated salvage value of $6,000.

1. What was the annual amount of depreciation for the years 2018, 2019, and 2020, using the straight-line method of depreciation?
2. What was the book value of the equipment on January 1, 2021.
3. Assuming that the equipment was sold on January 1, 2021, for $38,000, journalize the entry to record the sale.
4. Assuming that the equipment had been sold on January 1, 2021, for $53,000 instead of $38,000, journalize the entry to record the sale.