Sale of Equipment Equipment was acquired at the beginning of the year at a cost of $637,500. The equipment was depreciated using the straight-line method based on an estimated useful life of 9 years and an estimated residual value of $45,595. a. What was the depreciation for the first year? Round your answer to the nearest cent. 65,767.22 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 $105,617. Round your answer to the nearest cent and enter as a positive amount 39,850 X LOSS