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Equipment acquired on January 8 at a cost of $100,870 has an estimated useful life...

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Accounting

Equipment acquired on January 8 at a cost of $100,870 has an estimated useful life of 12 years, has an estimated residual value of $9,550, and is depreciated by the straight-line method.a.What was the book value of the equipment at December 31 the end of the fifth year?b.Assuming that the equipment was sold on April 1 of the sixth year for $54,047, journalize the entries to record (1) depreciation for the 3 months until the sale date and (2) the sale of the equipment.

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