Equipment was acquired at the beginning of the year at a cost of $31,000. The equipment was depreciated using the double-declining-balance method based on an estimated useful life of ten years and an estimated residual value of $600. a. What was the depreciation for the first year? \$ b. Assuming the equipment was sold at the end of the second year for $7,160, determine the gain or loss on the sale of the equipment. $ x c. Journalize the entry on December 31 to record the sale. If an amount box does not require an entry, leave it blank. December 31 X X