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Equlpment was acquired at the beginning of the year at a cost of $612,500. The equipment was depreciated using the straight-llne method based on an estimated useful life of 9 years and an estimated residual value of $42,845. a. What was the depreciation for the first year? Round your answer to the nearest cent. b. Using the rounded amount from Part a in your computation, determine the gain or loss on the sale of the equipment, assuming it was sold at the end of yeac eight fo \$101.135. Round your answer to the nearest cent. Enter your answer as a positive amount. x Fitedack T Check My Wor: Dook value is the asset cost mines accumulated depreciaton. Compare the book velve to the sale price. If the book value is more than the sale price, the equipment was cold for a boss. if the book vatue is loss than the sale price, the equipeient was sold for a gain. Check My Wort Book value is the asset cost minus accumulated depreclation. Compane the book value to the aale price, If the book value is more than the sale price, the equipment was sold for a loss. if the book value is iess than the sale price, f sold for a gain. Iournalize the entry to record the sale. If an amount box does not require an entry, leave it blanki Round your answers to the nearest cent. fresting * check My Work Be sure to record the seling price of the fixed asset. If the company no longer has the fixed asset what account(d) would need to be eliminated? Was there a gain or a