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Crane Company sells office equipment on July 31, 2022 for $20,440 cash. The office equipment originally cost $82,640 and as of January 1, 2022, had

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Crane Company sells office equipment on July 31, 2022 for $20,440 cash. The office equipment originally cost $82,640 and as of January 1, 2022, had accumulated depreciation of $38,770. Depreciation for the first 7 months of 2022 is $4,250. Prepare a tabular summary to (a) update depreciation to July 31, 2022, 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 Cash Equipment Accum. Depr.- Equip Bal. $ $ $ (a) (b)

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