Cheney Company sold a 20-ton mechanical draw press for $54,500. The old draw press cost $67,500 and had a book value of $50,000. Required: Prepare the journal entry to record the disposition. (If no entry is required for a transactionlevent, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the entry for disposition of equipment. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal