Lundstrom Ltd$.($LL$)$ has a December $31$ year end. The company purchased a piece of equipment on June $22,2020,$ at a cost of $$450,500.$ LL$\text{'}$s management estimated that this piece of equipment would have a useful life of $5$ years and a residual value of $$30,500.$ LL uses the straight$-$line method for depreciating its manufacturing equipment.

Prepare the journal entry to record the sale of the equipment