Equipment was acquired at the beginning of the year at a cost of $77 220. The equipment was depreciated using the straight-lIne method based on an estimated useful life of slx years and an estimated residual value of $7,560 Required: (a) What was the depreciation expense for the first year? (b) Assuming the equipment was sold at the end of the second year for $58320, determine the gain or loss on sale of the equipment (c) Jounaize the entry to record the sale. Refer to the Chart of Accounts for exact wording of account ies What was the depreciation expense for the first year? $11,610.00 Assuming the equipment was sold at the end of the second year for $58.320 determine the gain or loss on sale of the equipment $4,320 00 Gain Sourvelize