Problem 8 (18 pts) Prepare the necessary journal entries to record the following transactions in 2017 for the Manufacturing Company. April 1 Discarded old factory equipment that originally cost $600,000 and had a book value of $55,000 on the date of disposal. Assume depreciation on the equipment has already been recorded for the current year. May 31 Sold a truck for $7,000. The truck originally cost $40,000 and had accumulated depreciation of $35,000 on the date of sale. Assume the depreciation on the truck has already been recorded for the current year. Oct. 11 Sold a drill press for $25,000. The drill press originally cost $100,000 and had accumulated depreciation of $80,000 on the date of sale. Assume the depreciation on the drill press has already been recorded for the current year