Financial statements for Bernard Corp. are presented below:

BERNARD CORP.

Statement of Financial Position

January 1, 2020

Assets

Cash$160,000

Accounts receivable144,000

Buildings and equipment600,000

Accumulated depreciationbuildings and equipment(200,000)

Patents72,000

Total Assets$776,000

Liabilities and Equity

Accounts payable$76,000

Common shares460,000

Retained earnings240,000

Total Liabilities & Shareholders' Equity$776,000

BERNARD CORP.

Statement of Cash Flows (indirect method)

Year ended December 31, 2020

Cash provided by operating activities

Net income $200,000

Add back non-cash expenses:

Increase in accounts receivable$ (64,000)

Increase in accounts payable 32,000

Depreciation expense 60,000

Gainon disposal of equipment (24,000)

Amortization of patents 8,000

12,000

Cash provided by operating activities 212,000

Cash provided by (used in) investing activities

Sale of equipment 48,000

Purchase of land (100,000)

Purchase of buildings and equipment (192,000)

Cash used by investing activities (244,000)

Cash provided by financing activities

Payment of cash dividends (60,000)

Issuance of common shares 160,000

Cash provided by financing activities 100,000

Net increase in cash 68,000

Cash, January 1, 2020 160,000

Cash, December 31, 2020 $228,000

Total assets on the December 31, 2020 statement of financial position were $1,108,000. Accumulated depreciation on the equipment sold was $56,000.

When the equipment was sold, the Buildings and Equipment account was credited with?