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Entries for sale of foxed asset Equipment acquired on January 8 at a cost of $163,670 has an estimated useful ife of 17 years, has an estimated fesidual value of $8,800, and is depreciated by the straight-line method. a. What was the bock value of the equipment at December 31 the end of the fourth year? 3 x Fendtea Thearum wor Book value is the initial cost of the fixed asset minus the accumulated depreciation. b. Assuming that the equipment was sold on April 1 of the fifth year for $119,662. 1. Journalize the entry to record depreciation for the 3 months until the sale date. If an amount box does not require an entry, leave it blank. Round your answers to the nearest whole dollar if required. Fertion: The depreclation account of the fixed asset being sold or discarded needs to be updated to refiect the months of use in the year it is being discarded or sold. The straight-line method of depreciatian calculates the amount of depreciation to be recognited each year. Theck Mywor. The depreciotion occount of the fixed asset being sold or discarded needs to be updated to reflect the months of use in the year it is being discarded or sold. The straight-line method of depreciation calculates the amount of depreciation to be recognized each yeac. 2. Journalize the entry to record the sale of the equipment. If an amount box does not require an entry, leave it blank, Do not round intermediate calculations. Fusateck Torde Mr Wor Be ture to record the selling price of the foxed asset. If the company no longer has the fixed asset what account(s) would need to be eliminated? Was there a gali or a loss on the sale