Disposition of Assets: Journalizing

Required:

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:

Assets discarded or sold:

Jan. $1$ Motor #$12,$ which had a cost of $$2,780$ and accumulated depreciation of $$2,780,$ was discarded.

$8$ Motor #$8,$ which had a cost of $$4,490$ and accumulated depreciation of $$4,100,$ was sold for $$210.$

$14$ Motor #$16,$ which had a cost of $$5,660$ and accumulated depreciation of $$5,460,$ was sold for $$450.$

$2.$ Assets exchanged or traded in:

Feb. $1$ Motor #$6,$ which had a cost of $$5,840$ and accumulated depreciation of $$4,680,$ was traded in for a new motor $($#$22)$ with a fair market value of $$7,200.$ The old motor and $$5,800$ in cash were given for the new motor.

$9$ Motor #$9,$ which had a cost of $$5,380$ and accumulated depreciation of $$4,930,$ was traded in for a new motor $($#$23)$ with a fair market $9$ value of $$6,320.$ The old motor and $$6,050$ in cash were given for the new motor.

General Journal

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