eBook Show Me How Print Item Sale of equipment Equipment was acquired at the beginning of the year at a cost of $800,000. The equipment was depreciated using the double declining balance method based on an und useful life of 10 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 $650,000, determine the gain or loss on the sale of the equipment. c. Journalize the entry on December 31 to record the sale. If an amount box does not require an entry, leave it blank Date December 31 Account Debit Credit