Arma Company sells equipment on September 30, 2014, for $20,000 cash. The equipment originally cost $72,000 and

Question:

Arma Company sells equipment on September 30, 2014, for $20,000 cash. The equipment originally cost $72,000 and as of January 1, 2014, had accumulated depreciation of $42,000. Depreciation for the first 9 months of 2014 is $4,800. Prepare the journal entries to
(a) Update depreciation to September 30, 2014,
(b) Record the sale of the equipment.