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Sale of Equipment Equipment was acquired at the beginning of the year at...

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Accounting

Sale of Equipment
Equipment was acquired at the beginning of the year at a cost of $600,000. The equipment was depreciated using the straight-line method based on an estimated useful life of 9 years and an estimated residual value of $40,655.
Question Content Area
a. What was the depreciation for the first year? Round your answer to the nearest cent.
$62,149.44
b. Using the rounded amount from Part a in your computation, determine the gain or loss on the sale of the equipment, assuming it was sold at the end of year eight for $95,524. Round your answer to the nearest cent. Enter your answer as a positive amount.
$____________
what are the steps for getting the correct answer for part b?

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