Question - Carlton Company sells office equipment on September 30, 2010, for $24,412 cash. The office equipment originally cost $76,982 and as of January 1, 2010, had accumulated depreciation of $43,492. Depreciation for the first 9 months of 2010 is $6,140.
Prepare the journal entries to
(a) Update depreciation to September 30, 2010 and
(b) Record the sale of the equipment.