Edgewater Inc. purchased equipment on January 1, 2018, for $93,600. The equipment has an estimated salvage value of $7,800 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 $57,200. 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. Debit Credit 0 0 0 0 Account Name Depreciation Expense To record depreciation. Accumulated Depreciation b. Record the May 30, 2020, entry for the sale of this equipment. Account Name Accumulated Depreciation Cash Loss on Disposal Equipment To record sale of equipment. Dr. Cr. 0 0 0 0 0 0 0 0