Sale of Equipment Equipment was acquired at the beginning of the year at a cost of $600,000. The equipment was depreciated using the straight-line method based on an estimated useful life of 9 years and an estimated residual value of $41,580. a. What was the depreciation for the first year? Round your answer to the nearest cent. 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 $97,057. Round your answer to the nearest cent and enter as a positive amount. c. Journalize the entry to record the sale. If an amount box does not require an entry, leave it blank. Round your answers to the nearest cent. Depletion Hidden Hollow Mining Co. acquired mineral rights for $91,000,000. The mineral deposit is estimated at 70,000,000 tons. During the current year, 17,500,000 tons were mined and sold. a. Determine the depletion rate. If required, round your answer to two decimal places. per ton b. Determine the amount of depletion expense for the current year. c. Journalize the adjusting entry on December 31 to recognize the depletion expense. Dec. 31 Accumulated Depreciation Accumulated Depletion Cash Depletion Expense Depreciation Expense Mineral Deposit