I need the following events entered into a general journal.

Thank you.

(1) Kevin and Gloria got together with the documentation and began to review the long-term asset activities. On January 15, 20x7, the company disposed of a stamping machine. The machine was originally purchased on January 15, 20x0 for $84,000. The machine was estimated to have a useful life of 10 years with a zero salvage value. (Note: Gray & Greene use a straight-line method of depreciation for all long-term assets unless otherwise noted.) No effort was made to sell or trade the machine because the machine was broken beyond repair. $100 was also paid to a salvage company to disassemble and remove the machine from the plant.

(2) The next activity occurred on February 1, 20x7. A molding machine was purchased for $247,000. The machine cost an additional $10,000 to have it shipped to the plant. Once on location, the company had $5,000 in installation and operating costs before the machine was ready to begin full operation. Two employees went to a one-day training school to learn how to operate the new machine at a cost of $1,400. The molding machine has an 8-year useful life and a salvage value of $22,000. The company paid cash for the shipping, installation, and training charges plus $25,000 for the machine. The balance due on the machine was set up with a note payable.

(3) On March 1, 20x7, a cutting machine was traded in for a similar new computerized cutting machine. The old machine, which originally cost $130,000, had been at the company since January 1, 20x1 and had 1 year and 10 months of useful life remaining. The salvage value of the old machine was estimated at $10,000, but the company received $36,000 as a trade in value. The new machine cost $280,000, which included delivery and installation. The new machine has an expected life of 10 years at which time it could probably be sold for $40,000. The company made a down payment of $20,000 and signed a five year note payable for the balance due.

(4) April 1, 20x7 a pressing machine was sold for $71,000. It originally cost $185,000 and had a book value on December 31, 20x6 of $72,500. The annual depreciation for this machine was $18,000. The machine was expected to have a $5,000 salvage value in about four years.

(5) To celebrate April 15, 20x7, the company acquired a new utility van, which would be used to pick up and deliver parts to customers and suppliers in the immediate vicinity. The van has a sticker price of $37,595, but the company was able to secure the vehicle for $35,000. The van will probably have a useful life of 5 years with a book value of $5,000 at the end of that time. The company paid $7,000 and signed a 3 year note for the balance due.

(6) On May 1, 20x7 an old pressing machine was traded in for a new computerized processing machine. These machines were used on different production lines and considered as dissimilar equipment. The old pressing machine cost $157,000 when it was purchased on May 1, 20x3 and had a useful life of 8 years with a salvage value of $13,000. A $90,000 trade-in allowance was given for the pressing machine. The new processing machine had a list price of $350,000, but only cost the company $260,000 after the trade-in. The new machine had a nine-year useful life with a $26,000 salvage value. The company paid $52,000 down and signed a note payable for the balance due.

(7) August 1, 20x7 the company had to complete a major overhaul on an assembly machine. The machine had been purchased for $430,000 on August 1, 20x2. The machine was expected to last for 12 years with a $70,000 salvage value. If the repairs had not been completed, the machine would not function efficiently in the company and would have to be disposed for its parts, which would have brought the company about $30,000. The cost of the repairs was $33,000, but the overhaul was expected to add 2 years onto the remaining life of the machine. The repairs were paid for in cash.