Equipment was acquired at the beginning of the year at a cost of $434,680. The equipment was depreciated using the straight-line method based on an estimated useful life of 15 years and an estimated residual value of $48,430.

	Required:
A.	What was the depreciation for the first year?
B.	Assuming the equipment was sold at the end of the ninth year for $198,295, determine the gain or loss on the sale of the equipment.
C.	Journalize the entry to record the sale. Refer to the Chart of Accounts for exact wording of account titles.