Cheney Company sold a used 20-ton mechanical draw press (equipment), receiving $60,000 cash. The unit had cost $77,000 when Cheney purchased it and had a book value of $55,000 at the time of the sale, meaning that the equipment was not fully depreciated. When Cheney purchased the press, the expected useful life was six years, but a decision was made to sell the unit after just two years in favor of acquiring a more technologically-advanced unit in a separate transaction (not an exchange). Cheney was forturnate to find a willing buyer for the older unit. Required: Prepare the journal entry to record the disposition, i.e. the sale of the asset. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)