Chan Company sells office equipment on September 30, 2008, for \($20,000\) cash. The office equipment originally cost \($72,000\) and as of January 1, 2008, had accumulated depreciation of \($42,000.\) Depreciation for the first 9 months of 2008 is \($5,250.\) Prepare the journal entries to

(a) update depreciation to September 30, 2008,

(b) record the sale of the equipment.