Sale of equipment Equipment was acquired at the beginning of the year at a cost of $33,000. The equipment was depreciated using the double-declining-batance method based on an estimated useful life of ten years and an estimated residual value of $640. a. What was the depreciation for the first year? b. Assuming the equipment was sold at the end of year 2 for $8,130, determine the pain or loss on the sale of the equipment. c Journalize the entry on December 31 to record the sale. If an amount box does not require an entry, leave it blank. Account Date Debit Credit December 31