Business, 31.05.2021 15:10, kkelley9223

Sunland Company sells office equipment on July 31, 2022, for $22,080 cash. The office equipment originally cost $72,560 and as of January 1, 2022, had accumulated depreciation of $38,910. Depreciation for the first 7 months of 2022 is $4,980. Required:
Prepare the journal entries to (a) update depreciation to July 31, 2022, and (b) record the sale of the equipment.

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Sunland Company sells office equipment on July 31, 2022, for $22,080 cash. The office equipment orig...