2 Disposition of Assets: Journalizing Mitchell Parts Co. had the following plant asset transactions during the year: 1. Assets discarded or sold: Jan. 1 Motor #12, which had a cost of $2,790 and accumulated depreciation of $2,790, was discarded. 8 Motor #8, which had a cost of $4,290 and accumulated depreciation of $3,820, was sold for $280. 14 Motor #16, which had a cost of $5,580 and accumulated depreciation of $5,420, was sold for $360. 2. Assets exchanged or traded in: Feb. 1 Motor #6, which had a cost of $6,180 and accumulated depreciation of $4,990, was traded in for a new motor (#22) with a fair market value of $7,120. The old motor and $5,760 in cash were given for the new motor. 9 Motor =9, which had a cost of $5,590 and accumulated depreciation of $5,120, was traded in for a new motor (323) with a fair market value of $6,360. The old motor and $6,040 in cash were given for the new motor.