eBook Show Me How Print nem Sale of Equipment Equipment was acquired at the beginning of the year at a cost of $32,500. The equipment was deprecated using the double declining balance method based on an estimated useful life of ten years and an estimated residual value of $630, 2. What was the depreciation for the first year? b. Assuming the equipment was sold at the end of year 2 for $7,510, determine the gain or loss on the sale of the equipment Journalize the entry to record the sale. If an amount box does not require an entry leave it blank