On June 6, 2020, Lindhardt Chocolates Ltd. purchased assembly line equipment for $374,880. Lindhardt's management estimated that the equipment had a useful life of four years and an estimated residual value of $26,400. Lindhardt uses the straight-line method of depreciation and has a December 31 year end. On June 21, 2022, the machine was sold for $153,400. 

Prepare the journal entry to record the acquisition of the equipment.