Equipment was acquired at the beginning of the year at a cost of $75,540. The equipment was depreciated using the straight-line method based upon an estimated useful life of 6 years and an estimated residual value of $7,860. a. What was the depreciation expense for the first year? $ 11,280 b. Assuming the equipment was sold at the end of the second year for $57,200, determine the gain or loss on sale of the equipment. $ 3,855 X Gain X c. Journalize the entry to record the sale. If an amount box does not require an entry, leave it blank or enter "0". Cash Accumulated Depreciation 57,200 x Equipment 75,540 Gain on Sale of Equipment X 3,204 X X