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Equpment acqured on January 6 at a cost of:375,000, has an estimated useful of 20years...

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Accounting

Equpment acqured on January 6 at a cost of:375,000, has an estimated useful of 20years and an estmated residual value of $225,000. What was the annual amount of depreciation for the Years 1-3 using the straight-line method of depreciation? B- What was the book value of the equipment on January 1 of Year 4? Assuming that the equipment was sold on January 3 of Year 4 for $300,000, joumalize the entry to record the sale. Refer to the Chart of Accounts for exact wording of account titles. Assuming that the equipment had been sold on January 3 of Year 4 for 325,000 instead of $300,000 journalize the entry to record the sale. Refer to the Chart of Accounts for exact wording of account titles.

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