Recording Gain or Loss on Disposal Edgewater Inc. purchased equipment on January 1, 2018, for $108,000. The equipment has an estimated salvage value of $9,000 and an estimated useful life of 8 years. The company depreciates the asset using the straight-line method. On May 30, 2020, Edgewater Inc. sold the equipment for $66,000. Note: Round your final answers below to the nearest whole number. a. Record the May 30, 2020, entry to update depreciation assuming that depreciation was last updated on December 31, 2019. Date Account Name Dr. Cr. May 30 0 0 0 0 b. Record the May 30, 2020, entry for the sale of this equipment. Note: Record your debit accounts in alphabetical order using the first letter of the account name. Dr. Date Account Name Cr. May 30 0 0 A 0 0 . 0 0 0 O