Equipment acquired on January 6 at a cost of $425,000 has an estimated useful life of 20 years and an estimated residual value of $35,000. a. What was the annual amount of depreciation for 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 47 c. Assuming that the equipment was sold on January 3 of Year 4 for $360,000, journalize the entry to record the sale. If an amount box does not require an entry, leave. it blank. Date Account Debit Credit January 31 d. Assuming that the equipment was sold on January 3 of Year 4 for $370,000 instead of $360,000, journalize the entry to record the sale. If an amount box does not require an entry, leave it blank. Check My Work 10 more Check My Work uses remaining Previous Next>