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On June $6,2020,$ Lindhardt Chocolates Ltd$.$ purchased assembly line equipment for $$511,200.$ Lindhardt's management estimated that the equipment had a useful life of four years and an estimated residual value of $$36,000.$ Lindhardt uses the straight$-$line method of depreciation and has a December $31$ year end. On June $21,2022,$ the machine was sold for $$145,600.$

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Prepare the journal entry to record the acquisition of the equipment. $($Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts.$)$

Date

Account Titles and Explanation

Debit

Credit