Equipment was acquired at the beginning of the year at a cost of $550,000. The equipment was depreciated using the straight-line method based on an estimated useful life of 9 years and an estimated residual value of $46,565. a. What was the depreciation for the first year? Round your answer to the nearest cent. x b. Using the rounded amount from Part a in your computation, determine the gain or loss on the sale of the equipment, assuming it was sold at the end of year eight for $97,887. Round your answer to the nearest cent. Enter your answer as a positive amount. Feactios TCheck My Work Book value is the asset cost minus accumulated depreciation Compare the book value to the sale price. If the bock value is more shan the sale price, the equpment was sold for a loss. If the book value is less than ghe sale pree. the equipment was sold for a gain