Entries for sale of fixed asset. Equipment acquired on January 8 at a cost of $212,000 has an estimated useful life of 15 years,has an estimated residual value of $14,000, and is depreciated by the...

Entries for sale of fixed asset.

Equipment acquired on January 8 at a cost of $212,000 has an estimated

useful life of 15 years,has an estimated residual value of $14,000, 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

$105,800, journalize the entries to record (1) depreciation for the three

months until the sale date, and (2) the sale of the equipment.