Concord Corporation owns machinery that cost $28,400 when purchased on July 1, 2014. Depreciation has been recorded at a rate of $3,408 per year, resulting in a balance in accumulated depreciation of $11,928 at December 31, 2017. The machinery is sold on September 1, 2018, for $14,910. Prepare journal entries to (a) update depreciation for 2018 and (b) record the sale.