Equipment was acquired at the beginning of the year at a cost of I $465,000. The equipment was depreciated using the \ straight-line method based on an estimated useful life of 15 years and an estimated residual value of $45,000. What was the depreciation for the first year? Assuming the equipment was sold at the end of the eighth year for $235,000, determine the gam or loss on the sale of the equipment. Journalize the entry to record the sale, defer to the Cnarz of Accounts for exact wording cf account titfes