Oriole Company sells office equipment on July 31, 2022, for $21,900 cash. The office equipment originally cost $76,780 and as of January 1, 2022, had accumulated depreciation of $36,270. Depreciation for the first 7 months of 2022 is $4.070. Prepare the journal entries to (a) update depreciation to July 31, 2022, and (b) record the sale of the equipment. (Credit account titles are automatically Indented when amount is entered. Do not Indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) No. Account Titles and Explanation Credit (a) Depreciation Expense Accumulated Depreciation Equipment Debit 4070 4070 (b) Cash 21900 Accumulated Depreciation Equipment Loss on Disposal of Plant Assets Equipment 76780