ABC Company gathered the following data for the year ended December 31, 2015, related to its equipment.
Equipment Accumulated Depreciation, Equipment
January 1, 2015, balance ...... $85,000 ......................... $40,000
Total debits to the account ...... 55,000 ............................ 53,000
Total credits to the account ..... 48,000 ............................ 51,000
December 31, 2015, balance .....92,000 ............................ 56,000
Based on the above data, prepare the journal entry to record the sale of equipment during the year for $11,500 cash.