Instructions Equipment acquired on January 8 at a cost of $137,550 has an estimated useful life of 16 years, has an estimated residual value of $9,550, and is depreciated by the straight-line method. a. What was the book value of the equipment at December 31 the end of the fifth year? b. Assuming that the equipment was sold on April 1 of the sixth year for $90,510, journalize the entries to record (1) depreciation for the three months until the sale date, and (2) the sale of the equipment. Refer to the Chart of Accounts for exact wording of account titles. Deinte ACCOUNTIN JOURNAL Score: 21/25 LIABI DESCRIPTION POST. REF. CREDIT ASSETS DATE DEBIT Apr. 1 Depreciation Expense-Equipment 97,550.00 Accumulated Depreciation-Equipment 97,550.00 ACCOUNTING JOURNAL Score: 43/49 LIABIL DATE POST. REF. DEBIT CREDIT DESCRIPTION ASSETS p. 1 90,510.00 Cash Accumulated Depreciation-Equipment 8,000.00 Loss on Sale of Equipment 8,000.00 8,000.00 Equipment Points