Equipment was acquired at the beginning of the year at a cost of $550,000. The equipment was depreciated using the double-declining-balance method based on an estimated useful life of 9 years and an estimated residual value of $46,070. A What was the depreciation for the first year? Round your intermediate calculations to 4 . decimal places. Round the depreciation for the year to the nearest whole dollar. B Assuming that the equipment was sold at the end of the second year for $542,850, . determine the gain or loss on the sale of the equipment. C Journalize the entry on Dec. 31 to record the sale. Refer to the Chart of Accounts for exact wording of account titles