Cullumber Company sells office equipment on July 31,2017 , for $20,260 cash. The office equipment originally cost $72,300 and as of January 1, 2017, had accumulated depreciation of $35,000. Depreciation for the first 7 months of 2017 is $4,290. 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.)