Equigment was acquired at the beginning of the year at a cost of $75.000. The eqpment was depreciated using the straight-line method based upon an estimated useful lide of 6 years and an estimated residual value of $7,740. Required (b) Assuming the equipment was sold at the end of the second year for $56,795, deeermine the gain or loss on sale of the equbment. (c) Journalze the entry to record the sale. Refer to the Chart of Accounts for exact wording of acceunt tiles was sold at the end of the second year for $56,786, determine the gain or less on sale of the equipment our uit. ue erry to recod the ul. on De errbr 31-Refer to the aart ofAcourts for exact wering of account teet. Equigment was acquired at the beginning of the year at a cost of $75.000. The eqpment was depreciated using the straight-line method based upon an estimated useful lide of 6 years and an estimated residual value of $7,740. Required (b) Assuming the equipment was sold at the end of the second year for $56,795, deeermine the gain or loss on sale of the equbment. (c) Journalze the entry to record the sale. Refer to the Chart of Accounts for exact wording of acceunt tiles was sold at the end of the second year for $56,786, determine the gain or less on sale of the equipment our uit. ue erry to recod the ul. on De errbr 31-Refer to the aart ofAcourts for exact wering of account teet