PE 10-6A; Sales of equipment Equipment was acquired at the beginning of the year at a cost of $215,000. The equipment was depreciated using the straight line method based on an estimated useful life of 18 years and an estimated value of $39,500. A. What was the depreciation for the first year? B. Assuming the equipment was sold at the end of the eighth year for $128,000, determine the gain or loss on the sale of the equipment. C. Journalize the entry to record the sale. Straight-line and double-line 5 years