General Journal Instructions Equipment was acquired at the beginning of the year at a cost of $75,000. The equipment was depreciated using the straight-line method based upon an estimated useful life of 6 years and an estimated residual value of $7,740 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 $50,786, deformine the gain or loss on sale of the equipment c Journalize the entry to record the sale. Refer to the Chart of Accounts for exact wording of account titles Instructions Chart of Accounts First Questions General Journal First Questions a. What was the depreciation expense for the first year? Depreciation expense $11,210 b. Assuming the equipment was sold at the end of the second year for $56,786, determine the gain or loss on sale of the equipment Sale of the equipment $18,214 9,219 loss Instructions Chart of Accounts First Questions General Journal First Questions General Journal c. Journalize the entry to record the sale on December 31. Refer to the Chart of Accounts for exact wording of account bites. PAGE 1 JOURNAL DESCRETION POST. REF. CREDIT DEBIT DATE ASSETS LUBILITIES EQUITY Supplies Expense 214 Interest Payable 720 Loss on Sale of Equipment Active Previodows Next