Brief Exercise 9-8 Your answer is partially correct. Try again. Blossom Company sells office equipment on July 31, 2017, for $20,000 cash. The office equipment originally cost $72,000 and as of January 1, 2017, had accumulated depreciation of $35,000. Depreciation for the first 7 months of 2017 is $3,500. Prepare the journal entries to (a) update depreciation to July 31, 2017, 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 0 for the amounts.) No. Account Titles and Explanation Debit Credit (a) Depreciation Expense 3,500 Accumulated Depreciation-Equipment 3,500 (b) Cash 20,000 Loss on Disposal of Plant Assets xx > Accumulated Depreciation-Equipment Equipment 72,000