Equipment was acquired at the beginning of the year at a cost of 5600,000 . The equipment was depreciated using the double-declining-bolance methad based on an estimated useful life of 10 years and an estimated residual value of $60,000. a. What was the depreciabion for the first year? b. Assuming the equipment was sold at the end of the second year for $650,000, 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 blark. December 31