Sheridan Company sells office equipment on July 31, 2017, for $20,320 cash. The office equipment originally cost $84,510 and as of January 1, 2017, had accumulated depreciation of $41,710. Depreciation for the first 7 months of 2017 is $3,670.
Prepare the journal entries to (a) update depreciation to July 31, 2017, and (b) record the sale of the equipment.
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