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 $2,750 and accumulated depreciation of $2,750, was discarded.
8	Motor #8, which had a cost of $4,460 and accumulated depreciation of $4,010, was sold for $280.
14	Motor #16, which had a cost of $5,450 and accumulated depreciation of $5,250, was sold for $490.

2. Assets exchanged or traded in:

Feb. 1	Motor #6, which had a cost of $6,060 and accumulated depreciation of $4,960, was traded in for a new motor (#22) with a fair market value of $6,920. The old motor and $5,660 in cash were given for the new motor.
9	Motor #9, which had a cost of $5,420 and accumulated depreciation of $4,890, was traded in for a new motor (#23) with a fair market value of $6,460. The old motor and $6,080 in cash were given for the new motor.

Required:

Prepare general journal entries for the transactions.

Page: 1

	DATE	ACCOUNT TITLE	DOC. NO.	POST. REF.	DEBIT	CREDIT
1	20-- Jan. 1						1
2							2
3							3
4	Jan. 8						4
5							5
6							6
7							7
8							8
9	Jan. 14						9
10							10
11							11
12							12
13							13
14	Feb. 1						14
15							15
16							16
17							17
18							18
19							19
20	Feb. 9						20
21							21
22							22
23							23
24							24