Prepare the two journal entries to record the following transaction for Summit Company, which has a calendar year end and uses the straight$-$line method of depreciation:

On October $1,2023,$ the company sold old equipment for $$27,000.$ The equipment was purchased on January $1,2021,$ for $$57,000$ and was estimated to have a $$12,000$ salvage value at the end of its $5-$year life. Depreciation on the equipment had been recorded through December $31,2022.$