Cullumber Company sells office equipment on July 31, 2017, for $22,930 cash. The office equipment originally cost $79,340 and as of January 1, 2017, had accumulated depreciation of $41,660. Depreciation for the first 7 months of 2017 is $3,930. Prepare the journal entries to (a) update depreciation to July 31, 2017, and (b) record the sale of the equipment.
