Equipment was acquired at the beginning of the year at a cost of $76,920. The equipment was depreciated using the straight-line method based on an estimated useful life of six years and an estimated residual value of $7,980. a. What was the depreciation expense for the first year? b. Assuming the equipment was sold at the end of the second year for $58,300, determine the gain or loss on sale of the equipment. c. Journalize the entry to record the sale. If an amount box does not require an entry, leave it blank..