Equipment was acquired at the beginning of the year at a cost of \\( \\$ 537,500 \\). The equipment was depreciated using the oased on an estimated useful life of 9 years and an estimated of \\( \\$ 47,040 \\). Required: a. What was the for the first year? Round your intermediate calculations to 4 decimal places. Round the depreciation for the year to the nearest whole dollar. b. Assuming that the equipment was sold at the end of the second year for \\( \\$ 532,597 \\), determine the gain or loss on the sale of the equipment. c. Journalize the entry on Dec. 31 to record the sale. Refer to the chart of accounts for the exact wording of the account titles. CNOW journa/s do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered