Sale of Equipment

Equipment was acquired at the beginning of the year at a cost of $$33,500.$ The equipment was depreciated using the double$-$declining$-$balance method based an

estimated useful life of ten years and an estimated residual value of $$650.$

a$.$ What was the depreciation for the first year?

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b$.$ Assuming the equipment was sold at the end of year $2$ for $$7,740,$ determine the gain or loss on the sale of the equipment.

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c$.$ Journalize the entry to record the sale. If an amount box does not require an entry, leave it blank.