Instructions Journal Entries: Disposition of Plant Assets 1. Discarding an asset. a. On January 4, shelving units, which had a cost of $6,150 and had accumulated depreciation of $5,850, were discarded. b. On June 15, a hand cart, which had a cost of $1,450 and had accumulated depreciation of $1,340, was sold for $110. c. On October 1, a copy machine, which had a cost of $6,830 and had accumulated depreciation of $6,330, was sold for $530. If an amount box does not require an entry, leave it blank. Prepare the entries for the transactions using a general journal. 2. Exchange or trade-in of assets. a. On December 31, a drill press, which had a cost of $59,670 and had accumulated depreciation of $47,610, was traded in for a new drill press with a fair market value of $73,640. The old drill press and $63,500 in cash were given for the new drill press. b. On December 31, the old drill press in (a) and $58,930 in cash were given for the new drill press. If an amount box does not require an entry, leave it blank. Prepare the entries for the transactions using a general journal. General Journal 1. Discarding an asset. a. On January 4, shelving units, which had a cost of $6,150 and had accumulated depreciation of $5,850, were discarded. b. On June 15, a hand cart, which had a cost of $1,450 and had accumulated depreciation of $1,340, was sold for $110. c. On October 1, a copy machine, which had a cost of $6,830 and had accumulated depreciation of $6,330, was sold for $530. If an amount box does not require an entry, leave it blank. Prepare the entries for the transactions using a general journal. Page: 1 DATE ACCOUNT TITLE DOC. POST. NO. DERIT .: REF. DEBIT CREDIT 1 (a)