Sale of Equipment Equipment was acquired at the beginning of the year at a cost of $30,500. The equipment was depreciated using the double-declining-balance method based on an estimated useful life of ten years and an estimated residual value of $590. a. What was the depreciation for the first year? $ b. Assuming the equipment was sold at the end of year 2 for $7,050, determine the gain or loss on the sale of the equipment. $ Loss c. Journalize the entry to record the sale. If an amount box does not require an entry, leave it blank.