Singh Limited sells equipment on September 30, 2020 for $84,000. The equipment originally cost $288,000 when purchased on January 1, 2018. It has an estimated residual value of $40,000 and a useful life of five years. Depreciation was last recorded on December 31, 2019, the company's year end. Prepare the journal entries to: 1) update depreciation using the straight line method to September 30, 2020 2) record the sale of the equipment