Gunkelson Company sells equipment on September 30, 2015, for $18,010 cash. The equipment originally cost $71,880 and

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Question:

Gunkelson Company sells equipment on September 30, 2015, for $18,010 cash. The equipment originally cost $71,880 and as of January 1, 2015, had accumulated depreciation of $42,260. Depreciation for the first 9 months of 2015 is $5,480. Prepare the journal entries to

a) update depreciation to September 30, 2015, and

(b) record the sale of the equipment.