Instrucons Disposition of Assets: Journalizing Required: 1. Prepare general journal entries for the transactions Ifan amount box does not require an entry, leave it blank. 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 52,960 and accumulated depreciation of $2,960, was discarded. El Motor #8, which had a cost of $4,330 and accumulated depreciation of $3,910, was sold for 5190. 14 Motor #16, which had a cost of 55,500 and accumulated depreciation of $5,330, was sold for $410. 2. Assets exchanged or traded in: Feb. 1 Motor 3:6, which had a cost of $6,060 and accumulated depreciation of 54,890, was traded in for a new motor (#22) with a fair market value of $7,070. The old motor and $5,690 in cash were given for the new motor. 9 Motor i=9, which had a cost of $5,630 and accumulated depreciation of 55,170, was traded in for a new motor ($23] with a fair market value of $6,660. The old motor and $6,410 in cash were given for the new motor. General Journal 1. Prepare general journal entries for the transactions. If an amount box does not require an entry, leave it blank Page: 1 DATE ACCOUNT TITLE DOC. POST. NO. REF. DEBIT CREDIT 1 20-- Jan. 1 Accumulated Depreciation-Motor #12 2,960 Motor #12 2,960 N W WJ 4 Jan. 8 Cash 190 Accumulated Depreciation-Motor #8 3,910 Ln 6 Loss on Sale of Motor #8 Motor #8 1,330 CO CO Jan. 14 Cash 410 10 Accumulated Depreciation-Motor #16 5,330 10 11 Motor #16 5,500 11 12 Gain on Sale of Motor #16 12 13 13 14 Feb. 1 Motor #22 (new) 7,070 14 15 Accumulated Depreciation-Motor #6 4,890 15 16 Motor #6 (old) 16 17 Cash 5,690 17 18 Gain on Exchange of Motor #6 18 19 19 20 Feb. 9 Motor #23 (new) 6,660 20 21 Accumulated Depreciation-Motor #9 5,170 21 22 Loss on Exchange of Motors 22 23 Motor #9 (old) 5,630 23 24 Cash 24