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Disposal of foxed asset. Equipment acquired on January 6 at a cost of $260,800 has an estimated useful life of 7 years and an estimated residual yalue of $34,000. a. What was the annwal amount of depreciation for Years 1-3 using the straight-flhe method of depreciation? b. What was the book value of the equipment on 3andary 1 of Year 4 ? Ferching Asset cost minus reaidual value equals depreciable cost. Asset cost minus accumulated deprecistion equas book value, the Accurnulated Deprecition account is a permanent account and therefore the balance in the account grows each year of the asset's ufe. Ascuming that the equipmenk was sold on January 3 of Year 4 for $155,400, journalite the entry to record the sale. If an amount box does not require an entry, leav - Dexuiwis Compare the book value ameunt to the sale price. If the book volue is less than the sale price, the auet was soid for a gain. If the book value is mare than the wale once, the equigment was sold for a loss. not that an adin leave it blank