Equipment was acquired at the beginning of the year at a cost of $79, 500. The equipment was depreciated using the straight-line method based upon an estimated useful life of 6 years and an estimated residual value of $7, 740. a. What was the depreciation expense for the first year? $ b. Assuming the equipment was sold at the end of the second year for $60,000, determine the gain or loss on sale of the equipment. $ c. Journalize the entry to record the sale. If an amount box does not require an entry, leave it blank