Brief Exercise 7-8 Blossom Company sells office equipment on July 31, 2017, for $23,730 cash. The office equipment originally cost $79,700 and as of January 1, 2017, had accumulated depreciation of $36,130. Depreciation for the first 7 months of 2017 is $4,970. Prepare a tabular summary to (a) update depreciation to July 31, 2017, and (b) record the sale of the equipment. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Assets Liabilities + Stockholders' Equity Retained Earnings Expense Cash + Equipment -Accum. Depr.-Equip. = +Common Stock Revenue