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Equipment was acquired at the beginning of the year at a cost of $75,180. The equipment was depreciated using the straight-line method based upon an estimated useful Iife of 6 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 $56,800, determine the gain or loss on the sale of the equipmerit c. Journalize the entry for the sale. If an amount box does hot require an entry, leave it blank