Edgewater Inc. purchased equipment on January 1 of Year 1 for $50,400. The equipment has an estimated salvage value of $4,200 and an estimated useful life of 8 years. The company depreciates the asset using the straight-line method. On May 30 of Year 3, Edgewater Inc. sold the equipment for $30,800

. a. Record the May 30 of Year 3 to update depreciation assuming that depreciation was last updated on December 31 of Year

b. Record entry on May 30 of Year 3 for the sale of this equipment.