Problem 5 Equipment was acquired at the beginning of the year at a cost of $500,000. The equipment was depreciated using the double-declining-balance method based on an estimated useful life of 10 years and an estimated residual value of 50,000. Instructions: a. Compute depreciation for the 1" and 2 year b. Assuming that the equipment was sold at the end of the second year for $380,000, determine the pain or loss on the sale of the equipment. c. Journalize the entry to record the sale of the equipment d. Show your work below