Journal Entries: Disposition of Plant Assets 1. Discarding an asset a. On January 4, shelving units, which had a cost of $6,610 and had accumulated depreciation of $6,260, were discarded. b. On June 15, a hand cart, which had a cost of $1,490 and had accumulated depreciation of $1,310, was sold for $180 c. On October 1, a copy machine, which had a cost of $6,680 and had accumulated depreciation of $6,300, was sold for $440 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 dill press, which had a cost of $60,820 and had accumulated depreciation of $48,010, was traded in for a new drill press with a fair market value of $74,820. The old drill press and $64,380 in cash were given for the new drill press. b. On December 31, the old dill press in (a) and $59,.300 in cash were given for the new dill press f an amount box does not require an entry, leave it blank repare the entries for the transactions using a general journal. the new drill press. General Journal 1. Discarding an asset. a. On January 4, shelving units, which had a cost of $6,610 and had accumulated depreciation of $6,260, were discarded b. On June 15, a hand cart, which had a cost of $1,490 and had accumulated depreciation of $1,310, was sold for $180 c. On October 1, a copy machine, which had a cost of $6,680 and had accumulated depreciation of $6,300, was sold for $440 If an amount box does not require an entry, leave it blank. Prepare the entries for the transactions using a general journal. Page: 1 DOC. POST DATE ACCOUNT TITLE NO. REF DEBIT CREDIT 1 (a) 5 (b) 9 (c) 10 10 12 12 2. Exchange or trade-in of assets. a. On December 31, a drill press, which had a cost of $60,820 and had accumulated depreciation of $48,010, was traded in for a new drill press with a fair market of $74,820. The old drill press and $64,380 in cash were given for the new dirill press. b. On December 31, the old drill press in (a) and $59,300 in cash were given for the new dill press If an amount box does not require an entry, leave it blank. Prepare the entries for the transactions using a general journal. Page: 1 DOC. POST NO. REF DEBIT CREDIT DATE ACCOUNT TITLE 1 (a) 7 (b) 10 10