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Sale of Equipment Equament was acquired at the beginning of the vear ot a cost of 5562,500 , The equioment was deprecated using the strnight line method bessed on an estimated wesehal ife of 9 years and an estimated residual value of $42,720. a. What was the depreciaton for the first vear? Round your answer to the nearest cent. b. Using the rounded amount from Part a in your computation, determine the gain or loss on tre sale of the equigment, assuming it was sold at the end of year eight for s93, 123 Round your answer to the nearest cent. Enter your answer as a positive amount. x