Question 8 View Policies Current Attempt in Progress Sandhill Co. sells office equipment on July 31, 2017 for $23,500 cash. The office equipment originally cost $75,080 and as of January 1, 2017, had accumulated depreciation of $41,850. Depreciation for the first 7 months of 2017 is $3,850. Prepare a tabular summary to (a) update depreciation to July 31, 2017, and (b) record the sale of the equipment. (If a transaction causes a decrease in Assets Liabilities or Stockholders' Equity place a negative sign for parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Assets - Liabilities + Equipment Accum. Depr.- Equip. + Common Stock - Revenue Stockholders' Equity Retained Earnings Revenue Expense Dividend