Sale of equipment estimated residual value of $$700.$

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

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b$.$ Assuming the equipment was sold at the end of the second year for $$8,930,$ determine the gain or loss on the sale of the equipment.

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c$.$ Journalize the entry on December $31$ to record the sale. If an amount box does not require an entry, leave it blank.

December $31$