Equipment was acquired at the beginning of the year at a cost of $79,020. The equipment was depreciated using the straight-line method based on an estimated useful life of 6 years and an estimated residual value of $7,560. a. Compute the depreciation expense for the first year. b. Assuming the equipment was sold at the end of the second year for $59,600, 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.