Sweet Company purchased equipment on January 2, 2018, for $ 114,100. The equipment had an estimated useful life of 5 years with an estimated residual value of $ 10,800. Sweet uses straight-line depreciation on all assets. On January 2, 2022, Sweet exchanged this equipment, plus $ 11,900 in cash, for newer equipment. The old equipment has a fair value of $ 51,600. Prepare the journal entry to record the exchange on the books of Sweet Company. Assume that the exchange has commercial substance. (If no entry is required, select "No Entry" for the account titles and enter O 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