What is book value? Journalize entries and don't forget to update depreciation before the transactions in the middle of the year. Use straight-line depreciation. Jan 1, 2016 Disposed of equipment that was purchased on March 1, 2008. The equipment cost $25,000 with a useful life of 6 years with no salvage value. Jun 30, 2016 Sold a vehicle for $10,000 that was purchased on Jan 1, 2008. The vehicle cost $55,000 with a useful life of 10 years with $2,000 salvage value Jul 1, 2016 Purchased equipment in cash for $37, 500 with a useful life of 8 years with no salvage value. Sept 30, 2016 sold machinery for $12,000 that was purchased on Jan 1, 2010. The machine cost $55,000 with a useful life of 10 years with no salvage value. Dec 31, 2016 Record depreciation for any assets still on the books. Dec 31, 2018 The equipment purchased on Jul 1, 2016 had a change in useful life to 10 years total. Record 2018 depreciation expense