Oriole Company owns equipment that cost $$120,000$ when purchased on January $2,2024.$ It has been depreciated using the straightline method based on estimated residual value of $$6,000$ and an estimated useful life of five years.

Following are the four independent situations. Assume depreciation has been recorded to the date of sale.

$($a$)$

Prepare Oriole Company's journal entry to record the sale of the equipment for $$55,100$ on January $2,2027.($Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts. List all debit entries before credit entries.$)$

Date Account Titles

Debit

Credit

Jan. $2$