Brief Exercise 7-8 Wildhorse Co. sells office equipment on July 31, 2017, for $23,790 cash. The office equipment originally cost $81,100 and as of January 1, 2017, had accumulated depreciation of $40,350. Depreciation for the first 7 months of 2017 is $3,700. 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 Cash +Equipment- Accum. Depr. Equip. - + Common StockRevenueExpenseDividend Bal Click if you would like to Show Work for this question:pen Show Work