**Instructions:**Equipment was acquired at the beginning of the year at a cost of $562,500. The equipment was depreciated using the double-declining-balance method based on an estimated useful life of 9 years and an estimated residual value of $49,785.a. What was the depreciation for the first year? Round your intermediate calculations to 4 decimal places. Round the depreciation for the year to the nearest whole dollar.b. Assuming the equipment was sold at the end of the second year for $557,317, determine the gain or loss on the sale of the equipment. - Gain on sale: **$217,020 gain**c. Journalize the entry on December 31 to record the sale. Refer to the Chart of Accounts for exact wording of account titles.**Journal:**| DATE | DESCRIPTION | POST. REF. | DEBIT | CREDIT | ASSETS | LIABILITIES | EQUITY ||---------|------------------------------------|------------|-------|--------|--------|-------------|--------|| Dec. 31 | Cash | | | | | | || | Accumulated Depreciation-Equipment | | | | | | || | Gain on Sale of Equipment | | | | | | || | Equipment | | | | | | |**Chart of Accounts:****ASSETS**- 112 Accounts Receivable- 114 Interest Receivable- 115 Notes Receivable- 116 Merchandise Inventory- 117 Supplies- 119 Prepaid Insurance- 120 Land- 123 Delivery Truck- 124 Accumulated Depreciation-Delivery Truck- 125 Equipment- 126 Accumulated Depreciation-Equipment- 130 Mineral Rights- 131 Accumulated Depletion- 132 Goodwill- 133 Patents**LIABILITIES**- 210 Accounts Payable- 211 Salaries Payable- 213 Sales Tax Payable- 214 Interest Payable- 215 Notes Payable*All work saved.*

Name: **Instructions:**Equipment was acquired at the beginning of the year
Uploaded: 2024-03-05T11:50:36.000Z
Channel: Bartleby
Description: **Instructions:**Equipment was acquired at the beginning of the year at a cost of $562,500. The equipment was depreciated using the double-declining-balance method based on an estimated useful life of 9 years and an estimated residual value of $49,7