Singh Limited sells equipment on September 30, 2020 for $84,000. The equipment originally cost $258,000 when purchased on January 1, 2016. It has an estimated 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