Pina Company purchased equipment on January 2, 2016, for $121,300. The equipment had an estimated useful life of 5 years with an estimated salvage value of $12,800. Pina uses straight-line depreciation on all assets. On January 2, 2020, Pina exchanged this equipment plus $12,200 in cash for newer equipment. The old equipment has a fair value of $50,400. Prepare the journal entry to record the exchange on the books of Pina Company. Assume that the exchange has commercial substance. (If no entry is required, select "No Entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation Jan. 2 Equipment Accumulated Depreciation Equipment 86800 Cash 12200 Equipment 121300