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Equipment was acquired at the beginning of the year at a cost of $75,000.
Equipment was acquired at the beginning of the year at a cost of $75,000. The equipment was depreciated using the straight-line method based upon an estimated useful life of 6 years and an estimatedresidual value of $7,500.(a)What was the depreciation for the first year?(b)Assuming the equipment was sold at the end of the second year for $57,000, determine the gain or loss on sale of the equipment.(c)Journalize the entry to record the sale.