Equipment was purchased on January 1, 2017 for $70,000. The asset is expected to last for four years, at which time the estimated residual value will be $10,000. Required a) Prepare a table showing the amount of depreciation expense each year, accumulated depreciation to date and net book value. The company uses straight-line depreciation. Do not enter dollar signs or commas in the input boxes. Round all dollar figure answers to the nearest whole number. Cost of Long- Depreciation Year Accumulated Net Book Value Term Asset Expense Depreciation 2017 $70,000 $ $ $ 2018 $70,000 $ $ $ 2019 $70,000 $ $ $ $ 2020 $70,000 $ b) The asset was sold for $14,000 on the first day of 2021. Prepare the journal entry to record the sale. Enter all debit accounts in alphabetical order. Enter all credit accounts in alphabetical order. Date Account Title and Explanation Debit Credit Jan 1