Bolt Inc. manufactures running shoes for sale to elite athletes. In the current year, Bolt replaced an old piece of equipment with new technology. The old equipment is still in good working order and is adequate to continue producing shoes for non-elite athletes. The equipment was removed from Bolts factory on September 30, 2020, and it is currently in storage. Bolt performed all necessary maintenance on the equipment before moving it to the storage facility. Depreciation was not recorded after September 30, 2020, and the equipment has a current carrying value of $75,000. The equipment is being marketed on industry websites at a sales price of $80,000. Selling costs are expected to equal 10% of the sales price. Management has not yet received an offer to purchase the equipment. In the past, similar pieces of equipment have sold within a few months for close to $80,000. Bolt reports under IFRS.

Required: Determine whether the asset meets the criteria for recognition as held for sale. If so, provide the required journal entry.