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

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Accounting

Sale of equipment Equipment was acquired at the beginning of the year at a cost of $37,250. The equipment was depreciated using the double-declining-balance method based on an estimated useful life of ten years and an estimated residual value of $720. a. What was the depreciation for the first year? b. Assuming the equipment was sold at the end of the second year for $9,170, determine the gain or loss on the sale of the equipment.

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