HUN TUTUW Calculator Sale of equipment Instructions Chart of Accounts First Questions Journal Instructions Equipment was acquired at the beginning of the year at a cost of $537,500. The equipment was depreciated using the double-declining-balance method based on an estimated useful life of 9 years and an estimated residual value of $47,040. A. What was the depreciation for the first year? Round your intermediate calculations to 4 decimal places. Round the depreciation for the year to the nearest whole dollar. B. Assuming 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 C. Journalize the entry on Dec. 31 to record the sale. Refer to the Chart of Accounts for exact wording of account titles. UNUN MU HOW Sale of equipment Calculator Instructions Chart of Accounts First Questions Journal Instructions First Questions Shaded cells have feedback. A. What was the depreciation for the first year? Round your intermediate calculations to 4 decimal places. Round the depreciation for the year to the nearest whole dollar. $54,496.00 X Points: 0/1 B. Assuming 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. $11,000 gain X Points: 0/1 Feedback Check My Work U bening and learning resource fro_ Chapter 9 - Assignment 2 eBook Show Me How Sale of equipment Calculator Instructions Chart of Accounts First Questions Journal Instructions First Questions Journal w does grading work? Shaded cells have feedback. Shaded cells have feedback JOURNAL Score: 43/49 ACCO DATE POST. REF. DESCRIPTION I DEBIT CREDIT ASSETS Cash 532,597.00 1 Accumulated Depreciation-Equipment 4,903.00 T 537,500.00 1 Equipment Gain on Sale of Equipment 104,089.00 P