Equipment acquired on January 8,20Y1, at a cost of $562,500, has an estimated useful life of 18 years and an estimated residual value of $101,250. b. What was the book value of the equipment on January 1,20Y4 ? $ c. Assuming that the equipment was sold on January 2,20Y4, for $225,000, illustrate the effects on the accounts and financial statements of the sale