Brief Exercise 7-8 Cullumber Company sells office equipment on July 31, 2017, for $20,260 cash. The office equipment originally cost $72,300 and as of January 1, 2017, had accumulated depreciation of $35,000. Depreciation for the first 7 months of 2017 is $4,290. 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 Revenue Expense Cash + Equipment Accum. Depr. - Equip. = + Common Stock + Dividend Bal. 20260 (72300) 35000 $ $ $ A (a) (b) Click if you would like to Show Work for this question: Open Show Work