Question Content Area Equipment was acquired at the beginning of the year at a cost of $76,740. The equipment was depreciated using the straight-line method based on an estimated useful life of 6 years and an estimated residual value of $7,620. Question Content Area a. Compute the depreciation expense for the first year. $fill in the blank 73164c078facfe7_1 b. Assuming the equipment was sold at the end of the second year for $58,000, determine the gain or loss on sale of the equipment. $fill in the blank 73164c078facfe7_2 Question Content Area c. Journalize the entry to record the sale. If an amount box does not require an entry, leave it blank. blank