O'Callaghan Inc. (Ol) is in the highway construction business. O's property, plant, and equipment account includes heavy construction equipment. The following transactions relate to the disposal of two of the company's pleces of equipment Equipment One-Ol decided to dispose of one of its pieces of heavy machinery and replace it with a newer, more efficient model. Ol received $155,000 cash on the sole of the machine. At the date of the sale, the machine had a net book value of Equipment Two Ol recognizes the earth scoop separately from the rest of the piece of equipment, since it is a significant part that needs replacing. The scoop was replaced this year at a cost of $230,000. The scoop was depreciated separately. The net book value of the scoop at the date of replacement was $31.000 its original cost was $116,000. Required: Provide the Journal entry for the two pieces of equipment. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction ist Journal entry worksheet 2 Record the sale of equipment 1. Requireu: Provide the journal entry for the two pieces of equipment (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction ist Journal entry worksheet Record the sale of equipment 2 Nate Enter debits before credits Transaction General Jou Debit Cr 2