Miller Company sells equipment on July 31, 2019, for $20,000 cash. The office equipment originally cost $60,000, with a 12 year life with no salvage value and as of January 1, 2019, had accumulated depreciation of $20,000. Miller uses the straight line method of depreciation. Prepare the journal entries to (a) update depreciation for the first 7 months of 2019 and (b) record the sale of the equipment.