Highsmith Rental Company purchased an apartment building early in 2021. There are 20 apartments in the building and each is furnished with major kitchen appliances. The company has decided to use the group depreciation method for the appliances. The following data are available:

Appliance	Cost			Residual Value			Service Life (in Years)
Stoves	$	45,000		$	3,000		6
Refrigerators		40,000			7,000		5
Dishwashers		38,000			6,000		4

In 2024, four new refrigerators costing $4,200 were purchased for cash. In that same year, the old refrigerators, which originally cost $4,500, were sold for $1,700. Required: 2. Prepare the journal entries to record the purchase of the new refrigerators and the sale of the old refrigerators.

Journal entry worksheet 1 2 Record the purchase of new refrigerators. Note: Enter debits before credits. General Journal Debit Credit Event 1 Record entry Clear entry View general journal Journal entry worksheet