Disposition of Assets: Journalizing

1. Prepare general journal entries for the transactions. If an amount box does not require an entry, leave it blank.

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 $2,890 and accumulated depreciation of $2,890, was discarded.
8	Motor #8, which had a cost of $4,440 and accumulated depreciation of $4,020, was sold for $260.
14	Motor #16, which had a cost of $5,730 and accumulated depreciation of $5,490, was sold for $470.

2. Assets exchanged or traded in:

Feb. 1	Motor #6, which had a cost of $5,860 and accumulated depreciation of $4,590, was traded in for a new motor (#22) with a fair market value of $6,800. The old motor and $5,300 in cash were given for the new motor.
9	Motor #9, which had a cost of $5,420 and accumulated depreciation of $4,940, was traded in for a new motor (#23) with a fair market value of $6,450. The old motor and $6,170 in cash were given for the new motor.

General Journal 1. Prepare general journal entries for the transactions. If an amount box does not require an entry, leave it blank. Page: 1 DATE ACCOUNT TITLENO. REF. DOC. POST.DEBIT CREDIT 1 20-Jan. 1 4 Jan. 8 9 Jan. 14 10 10 12 13 14 Feb. 1 13 14 15 15 16 16 18 18 19 19 20 Feb. 9 20 24 24