List of Accounts Your answer is partially correct. Record the disposal on February 1, 2022, under the following assumptions: (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) 1 It was scrapped with no residual value. 2. It was sold for $55,000. 3. It was sold for $45,000. 4. It was traded for new equipment with a list price of $97,000. Express was given a trade-in allowance of $52,000 on the old equipment and paid the balance in cash. Express determined the old equipment's fair value to be $47,000 at the date of the exchange. Date Account Titles and Explanation. Debit Credit