QUESTION 5 Harris Company purchased a piece of equipment for $250,000. The equipment had a residual value of $50,000 and a useful life of 10 years. 1) Calculate the accumulated depreciation at the end of year 3. 2) Calculate the book value at the end of year 3. 3) The equipment was sold at the beginning of year 4 for $176,000. Journalize the sale of the fixed asset. The following are a select list of accounts from Harris Company. Choose from this list to complete the journal entry below. Cash Accounts receivable Inventory Equipment Accumulated depreciation Accounts payable Unearned revenue Notes payable Harris, capital Harris, drawing Sales Cost of goods sold Selling expense Administrative expense Gain on sale of equipment Loss on sale of equipment Debit Credit Date Description 1/1/Year 4