Equipment was acquired at the beginning of the year at a cost of $$537,500.$ The equipment was depreciated using the double$-$declining$-$balance method based on an estimated useful life of $9$ years and an estimated residual value of $$47,040.$

Required:

a$.$ What was the depreciation for the first year? Round your intermediate calculations to $4$ decimal places. Round the depreciation for the year to the nearest whole dollar.

b$.$ Assuming that the equipment was sold at the end of the second year for $$532,597,$ determine the gain or loss on the sale of the equipment.

c$.$ Journalize the entry on Dec. $31$ to record the sale. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.