Sale of Equipment Equipment was acquired at the beginning of the year at a cost of $29,500. The equipment was depreciated using the on an estimated useful life of ten years and an estimated residual value of $570. a. What was the depreciation for the first year? $ X b. Assuming the equipment was sold at the end of year 2 for $6,820, determine the gain or loss on the sale of the equ Loss Feedback Check My Work Book value is the asset cost minus accumulated depreciation. In the first year, the balance in the accumulated depm Compare the book value to the sale price. If the book value is more than the sale price, the equipment was sold for than the sale price, the equipment was sold for a gain. c. Journalize the entry to record the sale. If an amount box does not require an entry, leave it blank. Cash Accumulated Depreciation Equipment Loss on Sale of Equipment Equipment 29.500 X