Cullumber Company sells office equipment on July $31,2022,$ for $$23,890$ cash. The office equipment originally cost $$81,740$ and as of January $1,2022,$ had accumulated depreciation of $$35,620.$ Depreciation for the first $7$ months of $2022$ is $$4,770.$

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 $+$

Stockholders' Equity

Retained Earnings

Common Stock

Revenue

Expense

Dividend