Equipment acquired on lanuary 8 at a cost of $124,010 has an estimated useful life of 12 years, has an estimated residual value of $7,250, 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? Fondback Tonock My Work Book value is the initial cost of the fixed asset minus the accumulated depreciation. b. Assume that the equipment was sold on April 1 of the firth year for $77,522. Depreciation Expense-Equipment Accumulated Depreciation-Equipment. Fonsback Tonock My Work 2. Journalize the entry to record the sale of the equipment. If an amount box does not require an entry, leave it blank. Do not round intermediate calculations. Fonsthock Toock My Work Be sure to record the selling price of the fixed asset. If the company no longer has the fixed asset what account(s) would need to be eliminated? Was there a gain or a loss on the sale? Fonsback ronodk My Work Partialy carrect Equipment acquired on lanuary 8 at a cost of $124,010 has an estimated useful life of 12 years, has an estimated residual value of $7,250, 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? Fondback Tonock My Work Book value is the initial cost of the fixed asset minus the accumulated depreciation. b. Assume that the equipment was sold on April 1 of the firth year for $77,522. Depreciation Expense-Equipment Accumulated Depreciation-Equipment. Fonsback Tonock My Work 2. Journalize the entry to record the sale of the equipment. If an amount box does not require an entry, leave it blank. Do not round intermediate calculations. Fonsthock Toock My Work Be sure to record the selling price of the fixed asset. If the company no longer has the fixed asset what account(s) would need to be eliminated? Was there a gain or a loss on the sale? Fonsback ronodk My Work Partialy carrect