Brief Exercise 7-8 Sandhill Co. sells office equipment on July 31, 2017, for $23,500 cash. The office equipment originally cost $75,080 and as of January 1, 2017, had accumulated depreciation of $41,850. Depreciation for the first 7 months of 2017 is $3,850. 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. $ ta (a) (b) Click if you would like to Show Work for this question: Open Show Work