Equipment was acquired at the beginning of the year at a cost of $34,500. The equipment was depreciated using the double-dedining-balanc method based on an estimated useful life of ten years and an estimated residual value of $670. a. What was the depreciation for the first year? 1 b. Assuming the equipment was sold at the end of year 2 for $7,970, determine the gain or loss on the sale of the equipment. $ c. Journalize the entry on December 31 to record the sale. If an amount box does not require an entry, leave it blank