Instructions Equipment was acquired at the beginning of the year at a cost of $79.440. The equipment was depreciated using the straight-line method based on an estimated usetul ife of six years and an estimated residual value of $7,500. 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 $59,897, determine the gain or loss on sale of the equipment (e) Journalize the entry to record the sale. Refer to the Chart of Accounts for exact wording of account stles. What was the depreciation expense for the first year? the second year for $59,897, determine the gain or loss on sale of the equipment Assuming the equipment was sold at the end of PAGE 1 JOURNAL DATE DESCRIPTION POST. REF DEBIT CREDIT 4