Wiley Company sells office equipment on September 30,1996 , for ($ 21,000) cash. The office equipment originally

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Wiley Company sells office equipment on September 30,1996 , for $\$ 21,000$ cash. The office equipment originally cost $\$ 72,000$ and as of January 1,1996 , had accumulated depreciation of $\$ 42,000$. Depreciation for the first 9 months of 1996 is $\$ 6,250$. Prepare the journal entries to

(a) update depreciation to September 30,1996 , and

(b) record the sale of the equipment.

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