Raffaldini Vineyard Company sold the following two pieces of equipment in 2022:

Equipment A Equipment B

Cost $116,000 $63,000

Purchase date 7/1/18 1/1/19

Useful life 8 years 5 years

Salvage value $4,000 $3,000

Depreciation method Straight-line Straight-line

Date sold 7/1/22 9/1/22

Sales price $49,000 $20,000

Instructions

Journalize all entries required to update depreciation and record the sales of the two assets in 2022. The company has recorded depreciation on the equipment through December 31, 2021.