Cooper Industries had a piece of equipment that cost $56,000 and had accumulated depreciation of $25,000.

Requirement
1. Record the disposition of the equipment assuming the following independent situations:
a. Cooper discarded the equipment, receiving $0.
b. Cooper sold the equipment for $34,000 cash.
c. Cooper traded the equipment in on a new piece of equipment costing $58,000. Cooper was granted a $34,500 trade-in allowance for the old equipment and paid the difference in cash.
d. Cooper traded the equipment in on a new piece of equipment costing $55,000. Cooper was granted a $26,500 trade-in allowance for the old equipment and signed a note payable for the difference.