equiptemnt was acquired at the beginning of the year at a cost of $78,120. The equiptment was depreciated using thr straight line method based upon an estimated useful life of 6 years and estimated residual value of $7,620

Equipment was acquired at the beginning of the year at a cost of $78,120. The equipment was depreciated using the straight-line method based upon an estimat years and an estimated residual value of 57,620 . Required a. What was the depreciation expense for the first year? b. Assuming the equipment was sold at the end of the second year for $59,000, determine the gain or loss on the sale of the equipment. c. Journalize the entry for the sale. If an amount box does not require an entry, leave if blank