Equipment was acquired at the beginning of the year at a cost of $35,250. The equipment was depreciated using the double-dedining-balance method based on an estimated useful life of ten years and an estimated residual value of $690. a. What was the depreciation for the first year? b. Assuming the equipment was sold at the end of year 2 for $8,150, 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 requ 2 an entry, leave it blank