eBook Sale of Equipment Show Me How Equipment was acquired at the beginning of the year at a cost of $31.250. The equipment was deprecated using the double-declining-balance method based on an estimated a. What was the depreciation for the first year? 6,250 b. Assuming the equipment was sold at the end of year 2 for $7,700, determine the gain or loss on the sale of the equipment. $19,390 X Loss Ches My Wa Book value is the asset cost minus accumulated depreciation. In the first year, the balance in the accumulated depreciation account is zero. Compare the book value to the sale price. If the book value is more than the sale price, the equipment was sold for a loss. If the book value is less than the sale price, t c. Journalize the entry to record the sale. If an amount box does not require an entry, leave it blank. Cash Accumulated Depreciation Equipment Lass on Sale of Equipment Equipment 31,250