Equipment was acquired at the beginning of the year at a cost of $78,660. The equipment was depreciated using the straight-line method based upon an estimated useful life of 6 years and an estimated residual value of $7,920. a. What was the depreciation expense for the first year? \$[Answer] b. Assuming the equipment was sold at the end of the second year for $59,486, determine the gain or loss on sale of the equipment. \$[Answer] (label as gain or loss) c. Journalize the entry to record the sale (you must include account titles and debit/credit amounts)