Print item Calculator Show Me How Book Disposal of Foced Asset Equipment acquired on January 6 at a cost of $385,000, has an estimated useful Ife of 9 years and an estimated residual value of $50.200. a. What was the annual amount of depreciation for the Years 1-3 using the straight-line method of depreciation? Depreciation Expense Year Yar 1 Year 2 Year 3 b. What was the book value of the equipment on January 1 of Year 47 Feedba Check My Wo Asset cost minus residual value equals depreciablle gost Asset cost minus accumulated depreciation equals book value. The Accumulated Depreciation account is a permanent account and therefore the balance in the account grows each year of the asset's ife. Leaming Objective 3 c. Assuming that the equipment was sold on January 3 of Year 4 for $259,700, joumalize the entry to record the sale. If an amount box does not ranirs an anhn laetbank heck ty Work Previous Next 954 AM 11/12/2019 Print item Calculator Show Me How eBook c Assuming that the equipment was sold on January 3 of Year 4 for $259,700, journalize the entry to record the sale. If an amount box does not require an entry, leave it blank. Cash Accumulated Depreciation-Equipment Loss on Sale of Equipment Equipment Feedbak Chek My Wok Compare the book value amount to the sale price. If the book value is less than the sale price, the asset was sold for a gain. If the book value is more than the sale price, the equipment was sold for a loss. Leaning Objective 3. d. Assuming that the equipment had been sold on January 3 of Year 4 for $278,900 instead of $259,700, joumalize the entry to record the sale. If an amount box does not require an entry, leave it blank Cash Accumulated Depreciation fquipment tquipment Gain on Sale of Equipment Check My Work Previous Next 954 AM 11/12/2019 0000 0000