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On July 1st 2022, Brown Company decides to sell office equipment for $8,000, it had purchased on Feb. 1st 2018. Brown Company had paid $32,000

On July 1st 2022, Brown Company decides to sell office equipment for $8,000, it had purchased on Feb. 1st 2018. Brown Company had paid $32,000 for office equipment with an estimated service life of five years and an estimated residual value of $2,000. Brown uses straight-line depreciation.Required:1. Record the entry on July 1 for the sale of the office equipment.Depreciation was updated last year on Dec. 31st, 2021

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