elook Sale of Equipment Equipment was acquired at the beginning of the year at a cost of $662.500. The eguipment was depreciated using the straight-line method based on an estimated useful ife of 9 years and an estimated residual value of $46.335 a. What was the depreciation for the first year? Round your answer to the nearest cent. b. Using the rounded amount from Part a in your computation, determine the gain(loss) on the sale of the equipment, assuming it was sold at the end of year eight for $108,413. Round your answer to the nearest cent and enter as a positive amount. C Journalize the entry to record the sale. an amount box does not require an entry, leave it blank. Round your answers to the nearest cent. Equipment was acquired at the beginning of the year at a cost of $662,500. The equipment was a. What was the depreciation for the first year? Round your answer to the nearest cent. b. Using the rounded amount from Part a in your computation, determine the gain(loss) on the si Round your answer to the nearest cent and enter as a positive amount. Gain C. Journalize the ent Loss ford the Sale. If an amount box does not require an entry, leave it blan Tor the first yar? Round your answer to the nearest cent. tio b. Using the rounded amount from Part a in your computation, determine the gain(loss) o Round your answer to the nearest cent and enter as a positive amount. C. Journalize the entry to record the sale. If an amount box does not require an entry, leave Accounts Payable Accounts Receivable Cash Depreciation Expense Equipment Gain on Sale of Equipment 000 C. Journalize the entry to record the sale. If an amount box does r Accounts Payable Accounts Receivable Accumulated Depreciation-Equipment Depreciation Expense Equipment Gain on Sale of Equipment c. Journalize the entry to record the sale. If an amount box does not re Accounts Payable Accounts Receivable Accumulated Depreciation-Equipment Depreciation Expense Gain on Sale of Equipment Loss on Sale of Equipment 000 c. Journalize the entry to record the sale. If an amount box does not reg Accounts Payable Accounts Receivable Accumulated Depreciation-Equipment Depreciation Payable Equipment Depreciation Expense 00 0000