Edgewater Inc. purchased equipment on January 1, 2018, for $72,000. The equipment has an estimated salvage value of $6,000 and an estimated useful life of 8 years. The company depreciates the asset using the straight-line method. On May 30, 2020, Edgewater Inc. sold the equipment for $44,000. Note: In answering the following questions, round answers to the nearest whole dollar. a. Record the May 30, 2020, entry to update depreciation assuming that depreciation was last updated on December 31, 2019. Account Name To record depreciation. Debit Credit 0 0 0 0 b. Record the May 30, 2020, entry for the sale of this equipment. Account Name To record sale of equipment. > > > > Dr. Cr. 0 0 0 0 0 0 0 0