The Drop-down part of question B.) is either loss or gain

Equipment was acquired at the beginning of the year at a cost of $76,620. The equipment was depreciated using the straight-line method based on an estimated useful life of 6 years and an estimated residual value of $7,860. a. Compute the depreciation expense for the first year, b. Assuming the equipment was sold at the end of the second year for $58,000, determine the gain or loss on sale of the equipment: C. Journalize the entry to record the sale. If an amount box does not require an entry, leave it blank