Quinn Company sells office equipment on July 31, 2014, for $23,810 cash. The office equipment originally cost $80,810 and as of January 1, 2014, had accumulated depreciation of $38,880. Depreciation for the first 7 months of 2014 is $4,150. Prepare the journal entries to (a) update depreciation to July 31, 2014, and (b) record the sale of the equipment.