Equipment acquired on January 6 at a cost of $401,300 has an estimated useful life of 18 years and an estimated residual value of $25,100. Year 1 a. What was the annual amount of depreciation for Years 1-3 using the straight-line method of depreciation? Year Depreciation Expense 20,900 $ 20,900 20,900 b. What was the book value of the equipment on January 1 of Year 4? $ 338,600 Year 2 Year 3 C. Assuming that the equipment was sold on January 3 of Year 4 for $315,000, journalize the entry to record the sale. If an amount box does not require an entry, leave it blank. Year 4 Jan. 3 d. Assuming that the equipment had been sold on January 3 of Year 4 for $342,000 instead of $315,000, journalize the entry to record the sale. If an amount box does not require an entry, leave it blank. Year 4 Jan. 3