Equipment was acquired at the beginning of the year at a cost of $75,720. The equipment was depreciated using the straight-line metho based upon an estimated useful life of 6 years and an estimated residual value of $7,740. 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 $57,300, determine the gain or loss on the sale of the equipment. c. Journalize the entry for the sale. If an amount box does not require an entry, leave it blank.