Blossom Company sells office equipment on July $31,2022,$ for $$20,000$ cash. The office equipment originally cost $$72,000$ and as of January $1,2022,$ had accumulated depreciation of $$35,000.$ Depreciation for the first $7$ months of $2022$ is $$3,500.$Prepare the journal entries to $($a$)$ update depreciation to July $31,2022,$ and $($b$)$ record the sale of the equipment. $($Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter O for the amounts.$)$No$.$ Account Titles and ExplanationDebitCredit$($a$)($b$)$Blossom Company sells office equipment on July $31,2022,$ for $$20,000$ cash. The office equipment originally cost $$72,000$ and as of January $1,2022,$ had accumulated depreciation of $$35,000.$ Depreciation for the first $7$ months of $2022$ is $$3,500.$Prepare the journal entries to $($a$)$ update depreciation to July $31,2022,$ and $($b$)$ record the sale of the equipment. $($Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter O for the amounts.$)$No$.$ Account Titles and ExplanationDebitCredit$($a$)($b$)$