Part III. Equipment acquired on January 8 at a cost of $300,000 has an estimated useful life of 10 py. 2 RoliveMT#552020 Online years, has an estimated residual value of $20,000, and is depreciated by the straight-line method. Assuming that the equipment was sold on February 1 of the fourth year for $150,000, journalize the entries to record (1) current depreciation expense for the fourth year and (2) the sale of the equipment. (1) January 8 Depreciation Expense Account Dr. Cr. (2) Feb 1 Sale of Equipment Account Dr. Cr