Equipment was acquired at the beginping of the vear at a cost of $637,500. The equipenent was deprecialed using the stranght line method based or an estimsted usgful We of 9 years and an estimated residual valse of $47,690. A. What was the depreciabon for the first year? Itound your answer to the nearest cent. b. Using the rounded amount from Part a in your computobon, detemmine the gain or loss on the sale of the cquipment, assurming is was sold at the end of year eight for \$107,384, Round your answer to the nearest cent, Enter your answer as a postive amount. (3) x rectsid r Chear Wy Bock vale is the asset cost minus accumulabes depeciation. sold for a gain