Equipment acquired on January 6 at a cost of $222,200, has an estimated useful life of 7 years and an estimated netadual value of $29,000. What was the annual amount of depreciation for the Years 1-3 using the straight-line method of depreciation? Depreciation Expense Year 2 Year 3 b. What was the book value of the equipment on January 1 of Year 4? Asuming that the equipment was sold on January 3 of Year 4 for $132,400, journalize the entry to record the sale. If an amount box does not require an entry, leave it blank. Assuming that the equipment had been sold on January 3 of Year 4 for $142.200 instead of $132,400, Journalize the entry to record the sale. If an amount box does not require an entry leave it