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a. What was the depreciation for the first year? b. Assuming the equipment was sold at the end of year 2 for $7,970, determine the gain or loss on the sale of the equipment. Feedback Check My Work Book value is the asset cost minus accumulated depreciation. In the first year, the balance in the accumulated depreciation account is zero. c. Journalize the entry on December 31 to record the sale. If an amount box does not require an entry, leave it blank