Equipment was acquired at the beginning of the year at a cost of $$600,000.$ The equipment was depreciated using the double$-$declining$-$balance method based on an estimated useful life of $16$ years and an estimated residual value of $$60,000.$

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 $$480,000,$ 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 exact wording of account titles.