Equipment was acquired at the beginning of the year value of $7,620. ta cost of $78,420. The moment was depreciated using the straight line method based on an estimated useful life of 6 years and an estimated residus a. Compute the depreciation expense for the first year b. Assuming the equipment was sold at the end of the second year for $59,200, 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