5.Sale of Equipment 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 Dec. 31 to record the sale. If an amount box does not require an entry, leave it blank. Dec. 31