Sheridan company sells office equipment on July $31,2022,$ for $$18400$ cash. THe office equipment originally cost $$73,700$ and as of January $1,2022,$ had accumulated depreciation of $$42,500.$ Depreciation for the first $7$ months wa s$$4,950.$ Prepare journal entries to update depreciation to July $31,2022,$ and record the sale of equipment.