Prepare journal entries for the following transactions for Sanchez Co. using the general journal.

Feb.28Machinery that cost $57,000 and had accumulated depreciation of $46,000 was sold for $2,500.Apr.10A van that cost $23,700 and had accumulated depreciation of $21,000 was sold for $1,250.July16Equipment that cost $120,000 and had accumulated depreciation of $112,000 was traded in for new equipment with a fair market value of $140,000. The old equipment and $135,000 in cash were given for the new equipment.Aug.11Equipment that cost $50,000 and had accumulated depreciation of $43,000 was traded in for new equipment with a fair market value of $62,000. The old equipment and $55,000 in cash were given for the new equipment.Nov.10A truck that cost $44,000 and had accumulated depreciation of $38,000 was traded in for a new truck with a fair market value of $58,000. The old truck and $50,000 cash were given for the new truck.