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Disposal of fixed asset Equipment acquired on January 6 at a cost of $318,800...

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Accounting

Disposal of fixed asset
Equipment acquired on January 6 at a cost of $318,800 has an estimated useful life of 7 years and an estimated residual value of $41,600.
a. What was the annual amount of depreciation for 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?
c. Assuming that the equipment was sold on January 3 of Year 4 for $190,000, journalize the entry to record the sale. If an amount box does not require an entry, leave it blank.
January 3
January 3
.
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