Equipment was acquired at the beginning of the year at a cost of $78,000. The equipment was depreciated using the straight-line method based upon an estimated useful life of 6 years and an estimated residual value of $7,560. Required Question Content Area a. What was the depreciation expense for the first year?$ fill in the blank daaabefb4fe6068_1 b. Assuming the equipment was sold at the end of the second year for $58,900, determine the gain or loss on the sale of the equipment.$ fill in the blank daaabefb4fe6068_2 GainLoss

Question Content Area c. Journalize the entry for the sale. If an amount box does not require an entry, leave it blank. CashDepreciation ExpenseEquipmentGain on Sale of EquipmentLoss on Sale of Equipment - Select - - Select -

Accumulated DepreciationDepreciation ExpenseEquipmentGain on Sale of EquipmentLoss on Sale of Equipment - Select - - Select -

Accumulated DepreciationCashDepreciation ExpenseEquipmentLoss on Sale of Equipment - Select - - Select -

Accounts PayableAccumulated DepreciationCashGain on Sale of EquipmentLoss on Sale of Equipment - Select - - Select -