Restaurant La Jolie Vache purchased equipment on January 1, 2018 for $80,000. The asset is expected to last for four years, at which time the estimated residual value will be $11,000.

Required
a) Prepare a table showing the amount of depreciation expense each year, accumulated depreciation to date, and net book value. Restaurant La Jolie Vache uses straight-line depreciation.

b) The asset was sold for $12,000 on January 1, 2022. Prepare the journal entry to record the sale.