Equipment was acquired at the beginning of the year at a cost of $30,250. The equipment was dopreciated using the double-declining-balance method based on an estimat useful life of ten years and an estimated residual value of $590. a. What was the deoreciation for the first year? b. Assuming the equipment was sold at the end of year 2 for $7,450, determine the gain or loss on the sale of the equipment. c. Joumalize the entry on December 31 to record the sale. If an amount box does not require an ontry, leave it blank. December 31