Equipment acquired on January 6, 2013, at a cost of $425,000, has an estimated useful life of 16 years and an estimated residual value of $65,000. What was the annual amount of depreciation for the years 2013, 2014, and 2015 using the straight-line method of depreciation? What was the book value of the equipment on January 1, 2016? Assuming that the equipment was sold on January 3, 2016, for $340,000, journalize the entry to record the sale. Refer to the chart of Accounts for exact wording o account titles Assuming that the equipment has been sold on January 3, 0216, for $377, 500 instead of $340,000, journalize the entry to record the sale. Refer to the Chart of Accounts for exact working of account titles