5, 6, 8 & 9 Equipment was acquired at the beginning of the year at a cost of $78,540. The equipment was depreciated using the straight-line method based upon an estimated useful life of 6 years and an estimated residual value of $7,560 Required a. What was the depreciation expense for the first year? b. Assuming the equipment was sold at the end of the second year for $59,300, determine the gain or loss on the sale of the equipment. c. Journalize the entry for the sale. If an amount box does not require an entry, leave it blank