Year 2 30.000 NT$50,000 - NT$20,000 2. (LO2) Giolito Farming sells equipment on August 31, 2020, for 20,000 cash. The equipment originally cost 60,000 and as of January 1, 2020, had accumulated depreciation of 38.000. Depre. ciation for the first 8 months of 2020 is 6,000. Prepare the journal entries to (a) update depreciation to August 31, 2020, and (b) record the sale of the equipment