Equipment acquired on January 2, Year 1, at a cost of $525,000 has an estimated useful life of eight years and an estimated residual value of $45,000. (12 pts) Required(a)What is the annual amount of

Equipment acquired on January 2, Year 1, at a cost of $525,000 has an estimated useful life of eight years and an estimated residual value of $45,000. (12 pts)Required(a)What is the annual amount of depreciation for the first three years, assuming the straight-line method of depreciation is used?(b)What is the book value of the equipment on January 1, Year 4?(c)Assuming that the equipment is sold on January 2, Year 4, for $326,000, journalize the entry to record the sale.(d)Assuming that the equipment is sold on January 2, Year 4, for $394,000, journalize the entry to record the sale.