Equipment was acquired at the beginning of the year at a cost of $637,500. The equipment was depreciated using the straight-line method based on an estimated useful life of 9 years and an estimated residual value of $40,740. a. What was the depreciation for the first year? Round your answer to the nearest cent. 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 $101,687. Round your answer to the nearest cent. Enter your answer as a positive amount. x Fetutiace * Crecu Myork Book vakie is the asset cont munus accumulated depreciatice. sold for a oun