14. During a period of falling prices, which of the following inventory methods generally results in the lowest balance sheet amount for inventory? a. cannot tell without more information b. FIFO method c. LIFO method < AA utavery vans. I auction, Garcia pa stana ura syss van juurtanze are s for the transmission and GPS system. BE 9-6 Sale of Equipment Obj. 3 Equipment was acquired at the beginning of the year at a cost of $600,000. The equipment was depreciated using the double-declining-balance method based on an estimated useful life of 16 years and an estimated residual value of $60,000. a. What was the depreciation for the first year? b. Assuming the equipment was sold at the end of the second year for $480,000, determine the gain or loss on the sale of the equipment. c. Journalize the entry on December 31 to record the sale. > 79F 9:40 PM 7/28/2022