ixed asset Starting questionsChart of Accounts Journal Instructions Journal Equipment acquired on January 6, 2013, at a cost of $425,000, has an estimated useful life of 16DATE years and an estimated residual value of $65,000.1 DESCRIPTION Jan. 3 Cash Accumulated Depreciation-Equipment Required: Loss on Sale of Equipment A. What was the annual amount of Equipment depreciation for the years 2013, 2014 and 2015 using the straight-line method of depreciation? B. What was theyoook value of the equipment on January 1, 2016? ack C. Assuming that the equipment was v Check My Work sold on January 3, 2016, for Chart of Accounts 130 Mineral Rights 531 Rent Expense 131 Accumulated Depletion 532 Depreciation Expense-Equipment