Cullumber Company sells office equipment on July 31, 2022, for $20,260 cash. The office equipment originally cost $72,300 and as of January 1, 2022, had accumulated depreciation of $35,000. Depreciation for the first 7 months of 2022 is $4,290. Required:Prepare the journal entries to: a. Update depreciation to July 31, 2022. b. Record the sale of the equipment.
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