Equipment was acquired at the beginning of the voar at a cost of 540,500 . The equipment was depreciated using the double-declining-balonce method based on an estimated useful life of ten years and an estimated residual value of $790. a. What was the depreciation for the first year? x b. Assuming the equipment was sold at the end of year 2 for $9,360, determine the gain or loss on the sale of the equipment. x Taseillock F Ched Mi, Wor Hook value is the asset cost minus accumulated depreciation. In the fist yea, the balance in the accumulated depreciation account is rero. Compare the book value to the sale price. If the book value is more than the sale price, the equipment was fold for a loss, If the book value is iess than the sale price, the equipment wirs sold for a gain. c. Journalize the entry to record the sale. If an amount bor does not require an entry, leave it blank