Current Attempt in Progress Larkspur, Inc. sells office equipment on July $31,2022,$ for $$20,300$ cash. The office equipment originally cost $$74,400$ and as of January $1,2022,$ had accumulated depreciation of $$42,400.$ Depreciation for the first $7$ months of $2022$ is $$5,450.$

Prepare the journal entries to:

$($a$)$ update depreciation to July $31,2022$

$($b$)$ record the sale of the equipment.