Question: Gunkelson Company sells equipment on September 30, 2015, for $18,000 cash. The equipment originally cost $72,000 and as of January 1, 2015, had accumulated depreciation

Gunkelson Company sells equipment on September 30, 2015, for $18,000 cash.

Gunkelson Company sells equipment on September 30, 2015, for $18,000 cash. The equipment originally cost $72,000 and as of January 1, 2015, had accumulated depreciation of $42,000. Depreciation for the first 9 months of 2015 is $5,250. Prepare the journal entries to (a) update depreciation to September 30, 2015, and (b) record the sale of the equipment

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