Equipment was scquired at the beginning of the year at a cost of $76,680. The equipment was depreclated using the straight-line method based on an estimated useful Life of 6 years and an estimated residual value of $7,800 a. Compute the depreciation expense for the first year. b. Assuming the equipment was sold at the end of the second year for $58,000, determine the gain or loss on sale of the equipment. c. Joumalize the entry to record the sale. If an amount box does not require an entry. leave is blank