Equipment acquired on January 8 at a cost of $142,430, has an estimated useful life of 16 years, has an estimated residual value of $7,550, and is depreciated by the straight-line method. A. What was the book value of the equipment at December 31 the end of the fourth year? B. Assuming that the equipment was sold on April 1 of the fifth year for $101,572, journalize the entries to record (1) depreciation for the three months until the sale date, and (2) the sale of the equipment. Refer to the Chart of Accounts for exact wording of account titles. B. Assuming that the equipment was sold on April 1 of the fifth year for $101,572, journalize the entries to record the following (refer to the Chart of Accounts for exact wording of account titles) 1. Depreciation for the three months until the sale date PAGE 1 JOURNAL ACCOUNTING EQUATION POST. REF DATE DESCRIPTION DEBIT CREDIT ASSETS LIABILITIES EQUITY Depreciation Expense-Equipment Apr. 1 Accumulated Depreciation-Equipment 2 The sale of the equipment PAGE 2 JOURNAL ACCOUNTING EQUATION DESCRIPTION POST, REF DEBIT CREDIT LIABILITIES EQUITY DATE ASSETS 101,572.00 Apr. 1 Cash 1 Accumulated Depreciation-Equipment Loss on Sale of Equipment Equipment 142,430.00 A