assonLocator inprogress-false Instructions Equipment was acquired at the beginning of the year at a cost of $76,020. The equipment was depreciated using the straight-line method based upon an estimated useful of 6 years and an estimated residual value of $7,300 Required: (a) What was the depreciation expense for the first year? a) Assuming the equipment was sold at the end of the second year for $57,542, determine the gain or loss on sale of the equipment (c) Joumatze the entry to record the sale Refer to the Chart of Accounts for exact wording of account es *