Assume that on September 1, 2020, Jordan Company sells equipment for $49,500 cash. The equipment originally cost $75,000. As of January 1, 2020, it had accumulated depreciation of $22,500. Depreciation for the eight (8) months of 2020 is $7,500.

1. Prepare the journal entry to record the depreciation expense for the eight (8) months of 2020.

b) Prepare the journal entry to record the sale of the equipment on September 1, 2020.