Equipment acquired on January 6 at a cost of $375,400, has an estimated useful life of 8 years and an estimated residual value of $49,000. a. What was the annual amount of depreciation for the Years 1-3 using the straight-line method of depreciation? Year Depreciation Expense Year 1 $fill in the blank 209f1af8e04d039_1 Year 2 $fill in the blank 209f1af8e04d039_2 Year 3 $fill in the blank 209f1af8e04d039_3 b. What was the book value of the equipment on January 1 of Year 4? $fill in the blank 209f1af8e04d039_4 Feedback Asset cost minus residual value equals depreciable cost. Asset cost minus accumulated depreciation equals book value. The Accumulated Depreciation account is a permanent account and therefore the balance in the account grows each year of the asset's life. Learning Objective 3. c. Assuming that the equipment was sold on January 3 of Year 4 for $240,400, journalize the entry to record the sale. If an amount box does not require an entry, leave it blank. fill in the blank 036e7c095025ff3_2 fill in the blank 036e7c095025ff3_3 fill in the blank 036e7c095025ff3_5 fill in the blank 036e7c095025ff3_6 fill in the blank 036e7c095025ff3_8 fill in the blank 036e7c095025ff3_9 fill in the blank 036e7c095025ff3_11 fill in the blank 036e7c095025ff3_12