On September 30, 2012, the company sold old equipment for $36,000. The equipment was purchased on January 1,2010, for $76,000 and was estimated to have a $16,000 salvage value at the end of its 5-year life. Depreciation on the equipment has been recorded through December 31, 2011. Prepare the journal entries to record the transactions for the following: Update the depreciation to the date of disposal. Record the sale of the equipment