Equipment was acquired at the beginning of the year at a cost of $78,120. The equipment was depreciated using the straight-line method based upon an equimated useful ife of 6 years and an estimated residual value of $7,620 Required a. What was the depreciation expense for the first year? b. Assuming the equipment was sold at the end of the second year for $59.000, determine the gain or loss on the sale of the equipment. c. Journalize the entry for the sale. If an amount bok does not requite an entry, leave it biank