Equipment acquired on January 6, 2011, at a cost of $714,000, has an estimated useful life of 12 years and an estimated residual value of $44,400. a. What was the annual amount of depreciation for the years 2011, 2012, and 2013, using the straight-line method of depreciation? b. What was the book value of the equipment on January 1, 2014? c. Assuming that the equipment was sold on January 3, 2014, for $525,000, journalize the entry to record the sale. d. Assuming that the equipment had been sold on January 3, 2014, for $560,000 instead of $525,000, journalize the entry to record the sale