I'm struggling to understand what was the depreciation for this problem and how to accurately journal this transaction Equipment was acquired at the beginning of the year at a cost of $537,500. The equipment was depreciated using the straight-line method based on an estimated useful life of 9 years and anestimated residual value of $41,450.a. What was the depreciation for the first year? Round your answer to the nearest cent.55,117 Xb. Using the rounded amount from Part a in your computation, determine the gain(loss) on the sale of the equipment, assuming it was sold at the end of year eight for $89,642.Round your answer to the nearest cent and enter as a positive amount.6,922 XLossFeedbackV Check My WorkBook value is the asset cost minus accumulated depreciation. In the first year, the balance in the accumulated depreciation account is zero.Compare the book value to the sale price. If the book value is more than the sale price, the equipment was sold for a loss. If the book value is less than the sale price, the equipment was sold for a gain.c. Journalize the entry to record the sale. If an amount box does not require an entry, leave it blank. Round your answers to the nearest cent.Cash89,642Accumulated Depreciation-Equipment440,936 XLoss on Sale of Equipment6,922 XEquipment v537,500 V

Name: I'm struggling to understand what was the depreciation for this proble
Uploaded: 2024-03-05T11:50:36.000Z
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Description: I'm struggling to understand what was the depreciation for this problem and how to accurately journal this transaction Equipment was acquired at the beginning of the year at a cost of $537,500. The equipment was depreciated using the straight-line me