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Sale of equipment Equipment was acquired at the beginning of the year at a cost of $ 2 8 , 7 5 0 . The

Sale of equipment
Equipment was acquired at the beginning of the year at a cost of $28,750. 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 $560.
Question Content Area
a. What was the depreciation for the first year?
fill in the blank 1 of 1$
b. Assuming the equipment was sold at the end of year 2 for $7,080, determine the gain or loss on the sale of the equipment.
fill in the blank 1 of 1$
Question Content Area
c. Journalize the entry on December 31 to record the sale. If an amount box does not require an entry, leave it blank.
DateAccountDebitCredit
December 31
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