Quinn Company sells office equipment on July 31, 2014, for $20, 640 cash. The office equipment originally cost $82, 670 and as of January 1, 2014, had accumulated depreciation of $40, 840. Depreciation for the first 7 months of 2014 is $4, 630 Prepare the journal entries to (a) update depreciation to July 31, 2014, and (b) record the sale of the equipment. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)