Caloulator Straight-Line Depreciation Equipment acquired at the beginning of the year at a cost of $146,600 has an estimated residual value of $5,600 and an estimated useful life of 10 years. Determine the following: Equipment was acquired at the beginning of the year at a cost of $456,970. The equipment was depreciated using the straight-line method based on an estimated useful life of 14 years and an estimated residual value of $46,070 Required: A. What was the depreciation for the first year? B. Assuming the equipment was sold at the end of the tenth vear for $157,130, determine the gain or loss on the sale of the equipment C. Journalize the entry to record the sale. Refer to the Chat of Accounts for exact wording of account itles