Equipment was acquired at the beginning of the year at a cost of $287,100. The equipment was depreciated using the straight-line method based on an estimated useful life of 15 years and an estimated residual value of $27,000.

a. What was the depreciation for the first year?

b. Assuming the equipment was sold at the end of the eighth year for $138,700, determine the gain or loss on the sale of the equipment. 

c. Journalize the entry to record the sale.