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M$9-10($Algo$)$ Reporting and Recording the Disposal of a Long$-$Lived Asset $($Straight$-$Line Depreciation$)[$LO $9-5]$

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As part of a major renovation at the beginning of the year, Atiase Pharmaceuticals, Incorporated, sold shelving units $($recorded as Equipment$)$ that were $10$ years old for $$1,220$ cash. The shelves originally cost $$8,080$ and had been depreciated on a straight$-$line basis over an estimated useful life of $10$ years with an estimated residual value of $$680.$

M$9-10($Algo$)$ Part $2$

Prepare the journal entry to record the sale of the shelving units. $($If no entry is required for a transaction$/$event$,$ select $"$No Journal Entry Required" in the first account field. Do not round intermediate calculations.$)$