Instructions Chart of Accounts First Questions Journal Instructions Equipment was acquired at the beginning of the year at a cost of $600,000. The equipment was deprecated using the double-declining balance method based on an estimated useful life of 16 years and an estimated residual value of $60,000. a. What was the depreciation for the first year? b. Assuming the equipment was sold at the end of the second year for $480.000, determine the gain or loss on the sale of the equipment C. Journalize the entry on December 31 to record the sale. Refer to the Chart of Accounts for exact wording of accountines TUSTIONS Journal Instructions First Questions a. What was the depreciation for the first year? $ b. Assuming the equipment was sold at the end of the second year for $480,000, determine the gain or loss on the sale of the equipment