Instructions Equipment acquired on January 6 at a cost of $513,540, has an estimated useful life of 20 years and an estimated residual value of $67,940. A. What was the annual amount of depreciation for the Years 1-3 using the straighting method of depreciation? B. What was the book value of the equipment on January 1 of Year 47 C. Assuming that the equipment was sold on January 3 of Year 4 for $428,880, journalize the entry to record the sale. Refer to the Chart of Accounts for exact wording of account Niles. D. Assuming that the equipment had been sold on January 3 of Year 4 for $459, 160 instead of $428.800, Journalize the entry to record the sale. Refer to the Chart of Accounts for exact wording of accountilles Chart of Accounts CHART OF ACCOUNTS a cos General Ledger Tofd ASSETS REVENUE the ed I was face 110 Cash 410 Sales 610 Interest Revenue 111 Petty Cash 112 Accounts Receivable 114 Interest Receivable had is for 620 Gain on Sale of Delivery Truck 621 Gain on Sale of Equipment 115 Notes Receivable 116 Merchandise Inventory EXPENSES 510 Cost of Merchandise Sold 117 Supplies 119 Prepaid Insurance 120 Land 520 Salaries Expense 123 Delivery Truck 124 Accumulated Depreciation-Delivery Truck 125 Equipment 126 Accumulated Depreciation-Equipment 521 Advertising Expense 522 Depreciation Expense-Delivery Truck 523 Delivery Expense 524 Repairs and Maintenance Expense 529 Selling Expense 531 Rent Expense 532 Depreciation Expense-Equipment 130 Mineral Rights 131 Accumulated Depletion First Questions ary A. What was the annual amount of depreciation for the Years 1-3 using the straight line method of depreciation? am alud Year 1 depreciation expense Year 2 depreciation expense Year 3 depreciation expense uipe ordi uip Acc B. What was the book value of the equipment on January 1 of Year 47 $ Instructions First Questions Journal C. Assuming that the equipment was sold on January 3 of Year 4 for $478.880, journalire the entry to record the sole Rew to the Chart of Accounts for exact wording of accounts PAGE 1 JOURNAL ACCOUNTING EQUATION DESCRIPTION ASSETS LIABILITIES EQUITY D. Assuming that the equipment had been sold on January 3 of Year 4 for $459, 160 instead of $426,880 joumalize the entry to record the sale. Refer to the Chart of Accounts for exact wording of accounts JOURNAL ACCOUNTING EQUATION D. Assuming that the equipment had been sold on January 3 of Year 4 for $459.160 instead of 5428,880, journalize the entry to record the sale. Refer to the Chart of Accounts for exact wording of accounts PAGE 1 JOURNAL ACCOUNTING EQUATION DESCRIPTION POST. RET DET CREDIT ASSETS LIABILITIES EQUITY