Equipment was acquired at the beginning of the year at a cost of $75,000. The equipment was deprecated using the straight-line method based upon an estimated useful ide of 6 years and an estimated residual value of $7,500 a. what was the depreciation expense for the first year? b. Assuming the equipment was sold at the end of the second year for $59,000, determine the gain or loss on sale of the equipment c. Journalize the entry to record the tale. If an amount box does not require an entry, leave a blank or entero