Equipment was acquired at the beginning of the year at a cost of $800,000. The equipment was depreciated using the double-declining-balance. method based on an estimated useful life of 10 vears and an estirated residual value of $60,000. a. What was the depredation for the first year? b. Assuming the equipment was sold at the end of the second year for $650,000, determine the gain or loss on the sale of the equipment