Equipment was acquired at the beginning of the year at a cost of$562,500. The...

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Accounting

Equipment was acquired at the beginning of the year at a cost of$562,500. The equipment was depreciated using the straight-linemethod based on an estimated useful life of 9 years and anestimated residual value of $40,600. a. What was thedepreciation for the first year? Round your answer to the nearestcent.
b. Usingthe rounded amount from Part a in your computation, determine thegain(loss) on the sale of the equipment, assuming it was sold atthe end of year eight for $92,889. Round your answer to the nearestcent and enter as a positive amount.
c. Journalize the entry to record the sale. If anamount box does not require an entry, leave it blank. Round youranswers to the nearest cent.

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Requirement a Depreciation for the First Year 6523750 Requirement b A Cost of Equipment 56250000 B Total Accumulated Depreciation on Equipment 52190000 CA B Book Value of Asset 4060000 D Sale Consideration 9288900 EDC See Answer

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In: AccountingEquipment was acquired at the beginning of the year at a cost of$562,500. The equipment...Equipment was acquired at the beginning of the year at a cost of$562,500. The equipment was depreciated using the straight-linemethod based on an estimated useful life of 9 years and anestimated residual value of $40,600. a. What was thedepreciation for the first year? Round your answer to the nearestcent.b. Usingthe rounded amount from Part a in your computation, determine thegain(loss) on the sale of the equipment, assuming it was sold atthe end of year eight for $92,889. Round your answer to the nearestcent and enter as a positive amount.c. Journalize the entry to record the sale. If anamount box does not require an entry, leave it blank. Round youranswers to the nearest cent.