Sunland Company sells office equipment on July 31,2027 , for $20,500 cash. The office equipment originally cost $73,900 and as of January 1,2027, had accumulated depreciation of $42,300. Depreciation for the first 7 months of 2027 is $5,250. Prepare the journal entries to (a) update depreciation to July 31, 2027, and (b) record the sale of the equipment. (Credit account titles are automatically indented when the omount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Sheridan Company purchases a patent for $158,000 on January 2,2027 . Its estimated useful life is 10 years. (a) Prepare the journal entry to record amortization expense for the first year. (Credit account titles are automatically indented when the amount is entered. Do not indent monually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List debit entry before credit entry.) Show how this patent is reported on the balance sheet at the end of the first year