Equipment was acquired at the beginning of the year at a cost of $76,000. The equipment was depreciated using the straight-line method based upon an estimated useful life of 6 years and an estimated residual value of $7,500. Required What was the depreciation expense for the first year? 11430 b. Assuming the equipment was sold at the end of the second year for $57,500. determine the gain or loss on the sale of the equipment. Joumalice Accounting numeric field unt box does not require an entry, leave e blank.