Sheridan Company sells office equipment on July 31, 2022, for $22,700 cash. The office equipment originally cost $83,740 and as of January 1, 2022, had accumulated depreciation of $35,340. Depreciation for the first 7 months of 2022 is $3,870. Prepare the journal entries to (a) update depreciation to July 31, 2022, and (b) record the sale of the equipment

The answer should be b.

The business cycle is the periodic but irregular up-and-down movement in economic activity, measured by fluctuations in real gross domestic product (gdp) and other macroeconomic variables. a business cycle is typically characterized by four phases—recession, recovery, growth, and decline—that repeat themselves over time. economists note, however, that complete business cycles vary in length. the duration of business cycles can be anywhere from about two to twelve years, with most cycles averaging six years in length. some business analysts use the business cycle model and terminology to study and explain fluctuations in business inventory and other individual elements of corporate operations. but the term "business cycle" is still primarily associated with larger (industry-wide, regional, national, or even international) business trends.

It would be choice c (1040ez)