Sale of equipment Equipment was acquired at the beginning of the year at a cost of $35,250. The equipment was deprecated using the double decliningbalance method based on an estimated useful life of ten years and an estimated residual value of 5690. a. What was the depreciation for the first year? b. Assuming the equipment was sold at the end of year 2 for 58,680 , determine the gain or loss on the sale of the equipment