BE9-12 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 fi rst 9 months of 2014 is $4,800. Prepare the journal entries to (a) update depreciation to September 30, 2014, and (b) record the sale of the equipment.