Equipment was acquired at the beqinning of the year at a cost of $800,000. The equipment was depreciated using the double-declining-balance method based on an estimated useful life of 10 years and an estimated residual value of $60,000. a. What was the depreciation for the first year? b. Assumina the equiprnent was sold at the end of the second year for $650,000, determine the gain or loss on the sale of the equipment. r Ches ro wok Pantially correct c. Joumalize the entry on December 31 to record the sale. If an amount box does not require an entry, leave it blank