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Equipment was acquired at the beginning of the year at a cost of $37,250. The...

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Accounting

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 five years and an estimated residual value of $720. What was the depreciation for the first year? Assuming the equipment was sold at the end of year 3 for $8,530, determine the gain or loss on the sale of the equipment. Journalize the entry to record the sale. If an amount box does not require an entry, leave it blank.

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