Equipment was acquired at the beginning of the year at a cost of $37,750. 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 $730. a. What was the depreciation for the first year? $ 7,550 b. Assuming the equipment was sold at the end of year 2 for $9,300, determine the gain or loss on the sale of the equipment. $ 6,040 Loss 9,300 c. Journalize the entry to record the sale. If an amount box does not require an entry, leave it blank. Cash Accumulated Depreciation-Equipment 24,160 Loss on Sale of Equipment 4,290 x Equipment 37,750