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Equipment was acquired at the boginning of the year at a cost of $537,500. The equlpment was dopreciated using the doubledecliniog-balance mothed based on an estimated ust He of 9 years and an estimated tesidval value of $47,040. Requlred: a. What was the deececiation for the fist yoar? Round your intermediate calculations to 4 decimal places. Found the depreciation for the year to the nearest whole doliar. b. Assuming that the equipment was sold at the end of the second year for \$532,597, determine the gain or bss on the sale of the equipment. c. Journalize the entry on Dec. 31 to record the sale. Refer to the chart of accounts for the exact wording of the account alles. CNOW joumits do not use lines for joumal explanations. Every line on a joumal page is used for debit or credit entries. CNOW/oumals will automatically indenta credit enty when a credit amount is entered. a. What was the depreciation for the first year? Round your intermediate calculations to 4 decimal placos. Pound the depreciation for the year to the nearest whole dellar. b. Assuming that the equipment was sold at the end of the second year for $532,597, determine the gain or loss on the sale of the equipment