BE10-10 Chan Company sells office equipment on September 30, 2008, for $20,000 cash.The

Price: $1.99  

BE10-10 Chan Company sells office equipment on September 30, 2008, for $20,000 cash.The

office equipment originally cost $72,000 and as of January 1, 2008, had accumulated depreciation

of $42,000. Depreciation for the first 9 months of 2008 is $5,250. Prepare the journal entries to

(a) update depreciation to September 30, 2008, and 

(b) record the sale of the equipment.