Sheridan Company sells office equipment on July 31, 2022, for $22,700 cash. The office equipment originally cost $83,740 and as of January 1, 2022, had accumulated depreciation of $35,340. Depreciation for the first 7 months of 2022 is $3,870. Prepare a tabular summary to (a) update depreciation to July 31, 2022, and (b) record the sale of the equipment. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.)

		Assets					=	Liabilities	+	Stockholders' Equity
												Retained Earnings
		Cash	+	Equipment	-	Accum. Depr. - Equip.	=		+	Common Stock	+	Revenue	-	Expense	-	Dividend
Bal.		$Enter a balance amount		$Enter a balance amount		$Enter a balance amount				$Enter a balance amount		$Enter a balance amount		$Enter a balance amount		$Enter a balance amount
(a)		Enter a dollar amount		Enter a dollar amount		Enter a dollar amount				Enter a dollar amount		Enter a dollar amount		Enter a dollar amount		Enter a dollar amount		Select an account title Gain on disposalResearch & development expenseAmortization expenseDepreciation expenseLoss on disposal
(b)		Enter a dollar amount		Enter a dollar amount		Enter a dollar amount				Enter a dollar amount		Enter a dollar amount		Enter a dollar amount		Enter a dollar amount		Select an account title Research & development expenseAmortization expenseLoss on disposalDepreciation expenseGain on disposal