Equipment was acquired at the beginning of the year at a cost of $79,680. The equipment was depreciated using the straight-line method based on an estimated useful life of six years and an estimated residual value of $7,980. Required: (a) What was the depreciation expense for the first year? (b) Assuming the equipment was sold at the end of the second year for $60,242, determine the gain or loss on sale of the equipment (c) Journalize the entry to record the sale. Refer to the Chart of Accounts for exact wording of account titles