Equipment acquired on January 8 at a cost of $113,950 has an estimates useful life of 12 years, has an estomated residual value of $7,150, and is deprecuates by the straight-line method

Required:

a. What is the book value of the equipemt at December 31 the end of the fourth year?

b. Assuming that the equipment was sold on April 1 of the fifth yeat for 69,655, journalize the entries to record (1) deprecuation for the three months until the sale date and (2) the sale of the equipment. Refer to the chart of account tittles. Round yoiur answer to the nearest whole dollar

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