Sale of equipment Equipment was acquired at the beginning of the year at a cost of $31,750. The equipment was depreciated using the doubledeclining-balance method based on an estimated useful life of ten years and an estimated residual value of $620. a. What was the depreciation for the first year? $ x b. Assuming the equipment was sold at the end of year 2 for $7,340, determine the gain or loss on the sale of the equipment. $ Feedback Check My Work