Equipment was acquired at the beginning of the year at a cost of $29,750. The equipment was depreciated using the double-declining-balance method based on an estimated useful life of ten years and an estimated residual value of $580. a. What was the depreciation for the first year? b. Assuming the equipment was sold at the end of year 2 for $7,330, determine the gain or loss on the sale of the equipment: c. Soumalize the entry on December 31 to record the sale. If an amount box does not require an entry, leave it blank