Crane Company sells office equipment on July 31, 2017, for $21,850 cash. The office equipment originally cost $77,730 and as of January 1, 2017, had accumulated depreciation of $39,740. Depreciation for the first 7 months of 2017 is $4,030. Prepare a tabular summary to (a) update depreciation to July 31, 2017, and (b) record the sale of the equipment. (la transaction causes a decrease in Assets Liabilities or Stockholders' Equity place a negative sign for parentheses) in front of the amount entered for the particular Asset, Liability or Equity Item that was reduced Assets - Liabilities + Cash Equipment - Common Stock Accum. Depr.- Equip. -39740 $ 77730 -4030 21850 -77730 Chapter 7 Homework m/courses/35627/assignments/37302637module Jtemd=11930105 empt History Attempt in Progress Your answer is partially correct. Company sells office equipment on July 31, 2017 for $21,850 cash. The office equipment originally cost $77,730 and as of January 1, 2017, had lated depreciation of $39.740. Depreciation for the first 7 months of 2017 is $4,030. ea tabular summary to (a) update depreciation to July 31, 2017, and (b) record the sale of the equipment. Of a transaction causes a decrease in Assets es or Stockholders' Equity place a negative sign for these in front of the amunt entered for the particular Asset, Lilability or Equity Item that was reduce Stockholders' Equity Retained Earnings Revenue Expense Dividend Depreciation en Los on disposal tbook and Media Attempts unlimited Submit Answer Synced to Gradeboek Sat Jan 25, 2020.40030 PM America/Phoenix 0700