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Sale of equipment Equipment was acquired at the beginning of the year at a cost of $31,500. The equipment was depreciated using the double-declining-balance method based on an estimated useful life of ten years and an estimated residual value of $610. a. What was the depreciation for the first year? b. Assuming the equipment was sold at the end of year 2 for $7,280, determine the gain or loss on the sale of the equipment. c. Journalize the entry on December 31 to record the sale. If an amount box does not require an entry, leave it blank. Depletion Hidden Hollow Mining Co. acquired mineral rights for $106,250,000. The mineral deposit is estimated at 85,000,000 tons. During the current year, 20,400,000 tons were mined and sold. a. Determine the depletion rate. If required, round your answer to two decimal places. per ton b. Determine the amount of depletion expense for the current year. c. Journalize the adjusting entry on December 31 to recognize the depletion expense. If an amount box does not require an entry, leave it blank. December 31 Costs of acquiring fixed assets Melinda Stoffers owns and operates ABC Print Co. During February, ABC incurred the following costs in acquiring two printing presses. One printing press was new, and the other was purchased from a business that recently fled for bankruptcy. a. Indicate which costs incurred in acquiring the new printing press (1-6 below) should be debited to the asset account. b. Indicate which costs incurred in acquiring the used printing press (7-12 below) should be debited to the asset account