Equipment acquired on January 2, Year 1 , at a cost of $525,000 has an estimated useful life of 8 years and an estimated residual value of $45,000. Required: a. What is the annual amount of depreciation for the first 3 years, assuming the straight-line method of depreciation is used? b. What is the book value of the equipment on January 1 , Year 4 ? c. Assuming that the equipment is sold on January 2 , Year 4 , for $326,000, journalize the entry for the sale. If an amount box does not require an entry, leave it blank. d. Assuming that the equipment is sold on January 2 , Year 4 , for $394,000, journalize the entry for the sale. If an amount box does not require an entry, leave it blank