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 fifth year?

b$.$ Assuming that the equipment was sold on April $1$ of the sixth year for $$93,142,$ journalize the entries to record $(1)$ depreciation for the $3$ months until the sale date and $(2)$ the sale of the equipment.

First Question

General Journal

b$.$ Assuming that the equipment was sold on April $1$ of the sixth year for $$93,142,$ journalize the entries to record the following:

a$.$ What was the book value of the equipment at December $31$ the end of the fifth year?

General Journal Instructions

Depreciation for the $3$ months until the sale date.