1. Equipment was purchased at the beginning of the year at a cost of $515,000. The equipment was depreciated using the straight-line method based on an estimated useful life of 12 years and an estimated residual value of $35,000. a. What was the depreciation for the first year? b. Assuming the equipment was sold at the end of the eighth year for $235,000, determine the gain or loss on the sale of the equipment. c. Journalize the entry to record the sale