Cheney Company sold a 20-ton mechanical draw press (equipment) for $60,000. The old draw press cost $77,000 and had a book value of $55,000. Required: Prepare the journal entry to record the disposition. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the sale of 20-ton mechanical draw press (equipment) for $60,000 costing $77,000 with a book value of $55,000. Note: Enter debits before credits. Event General Journal Debit Credit