Sunland Company sells office equipment on July 31, 2017, for $23,830 cash. The office equipment originally cost $79,860 and as of January 1, 2017, had accumulated depreciation of $39,690. Depreciation for the first 7 months of 2017 is $4,090. Prepare a tabular summary to (a) update depreciation to July 31, 2017, and (b) record the sale of the equipment. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Assets = Liabilities + Stockholders' Equity Retained Earnings Cash Equipment . Accum. Depr. - Equip. Common Stock Revenue - Expense - Dividend Bal. $ i $ 79,860 $ 39,690 Depreciation expense 23,830 23,830 43780 39,690 Loss on disposal