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Equipment was acquired at the beginning of the year at a cost of...

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Accounting

Equipment was acquired at the beginning of the year at a cost of $76,500. The equipment was depreciated using the straight-line method based upon an estimated life of 6 years and an estimated residual value of $7,680.
Required
a. What was the depreciation expense for the first year?
b. Assuming the equipment was sold at the end of the second year for $57,800, determine the gain or loss on the sale of the equipment.
c. Journalize the entry for the sale. If an amount box does not require an entry, leave it blank.
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