Equipment acquired on January 8, 2011, at a cost of $607,500, has an estimated useful life of 20 years and an estimated residual value of 572,900. a. What was the annual amount of depreciation for the years 2011, 2012, and 2013, using the straight-line method of depreciation? Round annual depreciation to the nearest dollar and use this amount in your follow on calculations Depreciation expense 2011 2012 2093 b. What was the book value of the equipment on January 1, 2014 y decreases in accounts or outflows of cash, enter your answers as negative numbers. If no account or activity is affected, select "No effect" from the dropdown and have the corresponding number entry box blank c. Assuming that the equipment was sold on January 7, 2014, for $243,000, illustrate the effects on the accounts and financial statements of the sale. Balance Sheet Statement of Cash Flows Assets Income Liabilities Stockholders' Equity Statement Jan. 7. Statement of Cash Flows Income Statement