Instructions Equipment acquired on January 6 at a cost of $401,300 has an estimated useful life of 18 years and an estimated residual value of $25,100 Required: a What was the annual amount of depreciation for Years 1-3 using the straight-line method of depreciation? b. What was the book value of the equipment on January 1 of Year 3? c. Assuring that the equipment was sold on January 3 of Year 4 for $315,000. journalize the entry to record the sale Refer to the chart of accounts for the exact wording of the account is NOW journals do not use lines for journal explanations Every line on a journal page is used for debitor credit entries CNOW journals will automatically indent a credit entry ven a credit amount is entered d. Assuming that the equipment had been sold on January 3 of Year 4 for $342.000 instead of 5315.000 joumalize the entry to record the sale Refer to the chart of accounts for the exact wording of the accounties CNOWjours do not use lines for journal explanations Every line on a journal page is used for debitor credit entries CNOW journals will automatically indent a credit entry when a credit amount is entered c. Assuming that the equipment was sold on January 3 of Your 4 for $315,000, journalize the entry to record the sale refer to the chart of accounts for the exact wording the accounties CNOW journals do not use nea for journal explanations Every Nine on a journal page is used for debit or credit entries, CNOW joumals will automatica indent a credit entry when a credit amount is entered PAGE 1 JOURNAL ACCOUNTING EQUATION DESCRIPTION DATE POST. REF: DET CREDIT ASSETS LIABILITIES EQUAT Jan. 3 Cash Accumulated Depreciation Equipment Loss on Sale of Equipment Equipment d Assuming that the equipment had been sold on January 3 of Year 4 for $342.000 instead of 8315,000, Journalize the entry to record the sale Refer to the chart of accounts for the exact wording of the accountities CNOW journals do not use thes for journal explanations. Every line on a journal page is used for debitor credit entrie CNOW journals will automatically indent a credit entry when a credit amount is entered PAGE 1 ACCOUNTING EQUATION JOURNAL DEET DESCRIPTION POST MEE CEDIT LIABILITIES COUNTY ASSETS DMTE Jan 3 1 Cash I I Accumulated Depreciation Equipment Equipment Gain on Sale of Equipment