Sale of Equipment Equipment was acquired at the beginning of the year at a cost of $612,500. The equipment was depreciated using the straight-line method based on an estimated useful life of 9 years and an estimated residual value of $40,530. a. What was the depreciation for the first year? Round your answer to the nearest cent. $ 63,552 b. Using the rounded amount from Part a in your computation, determine the gain(loss) on the sale of the equipment, assuming it was sold at the end of year eight for $99,467. Round your answer to the nearest cent and enter as a positive amount. $ 630,907 Loss C. Journalize the entry to record the sale. If an amount box does not require an entry, leave it blank. Round your answers to the nearest cent. Cash 104,084 Accumulated Depreciation Equipment 508,416 Loss on Sale of Equipment 104,084 Equipment 612,500