475 PE 10-6B Sale of equipment OBJ. 3 Equipment was acquired at the beginning of the year at a cost of $600,000. The equip- ment 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, deter- mine the gain or loss on the sale of the equipment. c. Journalize the entry to record the sale