Oriole Company purchased equipment on January 2, 2016, for $105,700. The equipment had an estimated useful life of 5 years with an estimated salvage value of $11,600. Oriole uses straight-line depreciation on all assets. On January 2, 2020, Oriole exchanged this equipment plus $12,000 in cash for newer equipment. The old equipment has a fair value of $45,700. Prepare the journal entry to record the exchange on the books of Oriole Company. Assume that the exchange has commercial substance. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date	Account Titles and Explanation	Debit	Credit
Jan. 2