Equipment acquired on January 6,2013, at a cost of 405,115, has an estimated useful life of 16 years and an estimated residual value of 61,595.

Required:

A). What was the annual amount of depreciation for the years 2013,2014,and 2015 using the straight line method of depreciation?

B). What was the book value of the equipment on January 1, 2016

C). Assuming that the equipment was sold on January 3,2016 for $325,545 journalize the entry to record the sale. Refer to the chart of accounts for exact wording

D). Assuming that the equipment had been sold on January 3,2016 for $353,980 instead of 325,545, journalize the entry to record the sale