Equipment. was acquired at the beginning of the year at a cost of $79,080. The equipment was depreciated using the straight-line method based upon an estimated useful Ife of 6 years and an estimated residual value of 57,690 . a. What was the depreciation expense for the first year? b. Assuming the equipenent was sold at the end of the second year for $59,700, determine the gain or loss on sale of the equipment. 1 c. Journalize the entry to record the sale. If an amount box does not require an entry, leave it blank or enter "o