Sold an electric truck-lift to Leila Stierman Co. for $2620 cash. The original cost was
$7900 with salvage value of $900, a life of 10 years, and accumulated depreciation
recorded through 12/31/17 is $4,550. The straight-line method is used. (Note: the
company follows the practice of recording a half year's depreciation in the year of
acquisition and a half year in the year of disposal.) First, bring the depreciation expense
up to date in the general journal. Then journalize the entire entry for the sale in the cash
receipts journal.