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3. Equipment was purchased at the beginning of the year at a cost of $91,000. The equipment was depreciated using the straight line method based on an estimated useful life of nine years and an estimated residual value of $10,000. Required: a. Compute the depreciation expense for first year b. Assuming that the equipment was sold at the end of the second year for $ 78,000, determine the gain or loss on the sale of equipment. c. Journalize the entry to record the sale