Instructions General Journal Instructions Disposition of Assets: Journalizing 1. 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: 1. Assets discarded or sold: Jan. 1 Motor #12, which had a cost of $2,870 and accumulated depreciation of $2,870, was discarded. 8 Motor #8, which had a cost of $4,440 and accumulated depreciation of $3,960, was sold for $290. 14 Motor #16, which had a cost of $5,450 and accumulated depreciation of $5,200, was sold for $500. 2. Assets exchanged or traded in Motor #6, which had a cost of $5,960 and accumulated depreciation of $4,800, was traded in for a new motor (#22) with a fair market value of $6,920. The old motor and $5,510 in cash were given for the new motor. Motor #9, which had a cost of $5,490 and accumulated depreciation of $4,990, was traded in for a new motor (#23) with a fair market value of $6,360. The old motor and $6,050 in cash were given for the new motor. Feb. 1