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? Depreciation Expense = Year 1 Year 2 Year 3 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. Q Search All work saved. hp Previous Next Submit Test for Grading 11:12 PM 10/4/2023

Required: a. What w the annual amount of depreciation far the firs 3 vears, uswuming the uraigh-hine method of deptecatice is used? b. What no bie bogk value of the equgment on lanoary 1, Year a