Equipment acquired on January 6 at a cost of $253,900, has an estimated useful life of 8 years and an estimated residual value of $33,100.

a. What wsa the annual amount of depreciation for the YEars 1-3 using the straight-line method of depreciation?

b. What was the book value of the equipment on January 1 of Year 4?

c. Assuming that the equipment was sold on January 3 of Year 4 for $162,500, journalize the entry to record the sale. If an amount box does not require an entry, leave it blank.

d. Assuming that the equipment has been sold on January 3 of Year 4 for $174,500 instead of $162,500, journalize the entry to record the sale If an amount does not require an entry, leave it blank.

Disposal of Fixed Asset Equipment acquired on January 6 at a cost of $253,900, has an estimated useful life of 8 years and an estimated residual value of $33,100. a. What was the annual amount of depreciation for the Years 1-3 using the straight-line method of depreciation? Year Year 1 Year 2 Year 3 Depreciation Expense b. What was the book value of the equipment on January 1 of Year 4? c. Assuming that the equipment was sold on January 3 of Year 4 for $162,500, journalize the entry to record the sale. If an amount box does not require an entry, leave it blank. d. Assuming that the equipment had been sold on January 3 of Year 4 for $174,500 instead of $162,500, journalize the entry to record the sale. If an amount box does not require an entry, leave it blank