instructions Chart of Analysis General Journal Instructions Equipment was acquired at the beginning of the year at a cost of S75,720. The equipment was depreciated using the straight line method basod on an estimated useful life of six years and an estimated residual value of $7,920 Required: (a) What was the depreciation expense for the first year? (b) Assuming the equipment was sold at the end of the second year for $57,370 determine the gain or loss on sale of the equipment (c) Journalize the entry to record the sale Refer to the Chart of Accounts for exact wording of account iles