Cullumber Company sells office equipment on July 31,2022 , for $16,000 cash. The office equipment originally cost $71,000 and as of January 1, 2022, had accumulated depreciation of $41,000. Depreciation for the first 7 month5 of 2022 is $4.750. Prepare the journal entries to (a) update depreciation to July 31, 2022, and (b) record the sale of the equipment. (Credit occount tities 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.)