Equipment was acquired at the beginning of the year at a cost of $280,000. The equipment was depreciated using the double-declining-balarice meethad based on an estimated useful life of 16 years and an estimated residual value ot $14,000 Requlred: a. What was the deprecigtion for the first yoar? Round your intermediate calculations to 4 decimal places. Aound the depreciation for the year to the nearest whole dollar. b. Assuming that the equlpment was sold at the end of the second year for $230,400, dotermine the gain or loss an the salo of the equipment: c. Joumalize the entry on Dec. 31 to record the sale. Refer to the chart of accounts for the exact worbling or the account bibes. CNOW joumais do not use lines for joumal explanations. Every line on a joumal page is used for debir ar credit entries. CNOW joumais wiv aufomaticall indent a crodit entry when a credit amount is entered. Equipment was acquired at the beginning of the year at a cost of $287,100. The equipment was depreciated using the straight-line method based on an estimated useful life of nine years and an estimated residual value of $27,000, a. What was the depreciation for the first year? b. Assuming the equi pment was sold at the end of the fith year for 5138,700 , determine the gain or loss on the sale of the equipment. Enter your answer as a positive amount