Equipment was acquired on July $1$ at a cost of $$90,,000.$ The equipment was depreciated using the straight$-$line method based upon an estimated useful life of $10$ years and an estimated residual value of $$7,500.$ Fiscal year is the calendar year.

$($a$)$ What was the depreciation expense for the first year?

$($b$)$ Assuming the equipment was sold at the end of the six year for $$49,000,$ determine the gain or loss on the sale of the equipment.

$($c$)$ Journalize the entry for the sale.