hapter 10 Long-Term Assets: Fixed and Intangible EE 10-6 p 506 PE 10-6B Sale of equipment Equipment was acquired at the beginning of the year at a cost of $465,000. The ment was depreciated using the straight-line method based on an estimated useful 15 years and an estimated residual value of $45,000. a. What was the depreciation for the first year? b. Assuming the equipment was sold at the end of the eighth year for $235.000, des mine the gain or loss on the sale of the equipment. c. Journalize the entry to record the sale. 70-7 p. 508 PE 10-7A Denletion