eBlook Show Me How Calculator Print Bem Sale of Equipment Equipment was acquired at the beginning of the year at a cost of $31,500. The equiprment was depreciated using the double declning balance method based on an estimaed e of t years and an estimated residual vakue of $610. a. What was the depreciation for the first year? b. Assuming the equipment was sold at the end of year 2 for $7,760, determine the gain or loss on the sale of the equipment . Journalize the entry to record the sale. If an amount boxx does not require an entry, leave it blank eBlook Show Me How Calculator Print Bem Sale of Equipment Equipment was acquired at the beginning of the year at a cost of $31,500. The equiprment was depreciated using the double declning balance method based on an estimaed e of t years and an estimated residual vakue of $610. a. What was the depreciation for the first year? b. Assuming the equipment was sold at the end of year 2 for $7,760, determine the gain or loss on the sale of the equipment . Journalize the entry to record the sale. If an amount boxx does not require an entry, leave it blank