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 $2,660 and accumulated depreciation of $2,660, was discarded. 8 Motor #8, which had a cost of $4,430 and accumulated depreciation of $3,970, was sold for $270. 14 Motor +16, which had a cost of $5,600 and accumulated depreciation of $5,390, 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 $4,750, was traded in for a new motor (#22) with a fair market value of $7,070. The old motor and $5,810 in cash were given for the new motor. 9 Motor #9, which had a cost of $5,640 and accumulated depreciation of $5,120, was traded in for a new motor (#23) with a fair market value of $6,330. The old motor and $5,980 in cash were given for the new motor. Required: Prepare general journal entries for the transactions. Page: 1 DEBIT DATE 20 DOC. POST. NO. REF CREDIT ACCOUNT TITLE Accumulated Depreciation-Motor #12 1 1 Jan. 1 Motor #12V 4 Jan. 8 Cash Accumulated Depreciation Motor #8 Loss on Sale of Motor #8 Motor #8 9 Jan. 14 Cash Accumulated Depreciation-Motor #16 Motor #16 LIIII IIIII IIII III 00011 00011 dili doll die, Gain on Sale of Motor #16 14 Feb 1 Motor #22 (new) Accumulated Depreciation-Motor #6 Motor #6 (old) Cash Gain on Exchange of Motor #6 20 Feb. 9 Motor #23 (new) Accumulated Depreciation-Motor #9 Loss on Exchange of Motors Motor #9 (old) Cash