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Please provide detailed description Giolito Company sells equipment on August 31, 2020, for...

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Accounting

Please provide detailed description

Giolito Company sells equipment on August 31, 2020, for $20,000 cash. The equipment originally cost $60,000 and as of January 1, 2020, had accumulated depreciation of $38,000. Depreciation for the fi rst 8 months of 2020 is $6,000. Prepare the journal entries to (a) update depreciation to August 31, 2020 and (b) record the sale of the equipment.

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