Champion Industries exchanged a dust-scrubbing piece of equipment for another version of the same type of equipment and received $12.000 cash. The old dust scrubber cost $76,200 and had a book value of $54.500. The new dust scrubber had a fair value of $58.500. Required: Prepare the journal entry to record the exchange. Assume the exchange has commercial substance. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.