Instructions Equipment acquired on January 6 at a cost of $459,240 has an estimated useful life of 19 years and an estimated residual value of $62,805. a. What was the annual amount of depreciation for the Years 1-3 using the straight-line method of depreciation? b. What was the book value of the equipment on January 1 of Year 4? C. Assuming that the equipment was sold on January 3 of Year 4 for $379,920, journalize the entry to record the sale. Refer to the Chart of Accounts for exact wording of account titles. d. Assuming that the equipment had been sold on January 3 of Year 4 for $410,485 instead of $379,920, journalize the entry to record the sale. Refer to the Chart of Accounts for exact wording of account titles. First Questions a. What was the annual amount of depreciation for the Years 1-3 using the straight-line method of depreciation? Year 1 depreciation expense $ Year 2 depreciation expense $ Year 3 depreciation expense $ b. What was the book value of the equipment on January 1 of Year 42 $ Chart of Accounts First Questions Journal Instructions Journal c. Assuming that the equipment was sold on January 3 of Year 4 for $379,920, journalize the entry to record the sale. Refer to the Chart of Accounts for exact wording of account titles. PAGE 1 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 Jan. 3 2 3 d. Assuming that the equipment had been sold on January 3 of Year 4 for $410,485 instead of $379,920, journalize the entry to record the sale. Refer to the Chart of Accounts for exact wording of account tities. PAGE 1 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 I 2 3 4