apter 9 In-class Exer X Solutions to Chapter 8 x CengageNOWV2 Onlinx My Home Assignment/takeAssignment Main.do?invoker=&takeAssignmentSessionLocator=&inprogress-false Update Equipment was acquired at the beginning of the year at a cost of $75,840. The equipment was deprecated using the straight line method based upon an estimated useful life of 6 years and an estimated residual value of $7,620, a. What was the depreciation expense for the first year? b. Assuming the equipment was sold at the end of the second year for $57,300, 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 or enter"0" Previous Next 36 All work saved Email Instructor Submit Assignment for Grading a tv "A 2