Selected transactions of the Harrel Company are listed below The company uses the straight line method of depreciation 2019 Jan 5 Purchased office equipment at a price of $6,000 FOB The freight charge was $108 the installation charge was $300 April 1 Sold warehouse equipment for $4,000 in cash The equipment was purchased on January 3, 2016, for $24,000 The equipment has a useful life of five years and a salvage value of $2,000 Depreciation was last recorded on December 31, 2018 July 1 Sold office equipment for $3,100 in cash The equipment was purchased on July 3, 2016, for $3,500 The equipment has a useful life of five years and a salvage value of $600 Depreciation was last recorded on December 31, 2018 2020 Jan 2 Traded in office equipment for new equipment that is similar The list price of the new office equipment is $21,000 Paid $19,000 cash and received a trade in allowance of $2,000 for the old equipment The old equipment had been purchased on January 3, 2016, for $19,000 The old equipment had an estimated useful life of four years and a salvage value of $1,000 Depreciation on the old equipment was last recorded on December 31, 2019 (Use the income tax method to record the trade in ) Jan 4 Traded in warehouse equipment for new equipment that is similar The list price of the new warehouse equipment is $32,000 Paid $31,000 cash and received a trade in allowance of $1,000 for the old equipment The old equipment had been purchased on January 4, 2016, for $30,000 The old equipment had an estimated useful life of four years and a salvage value of $2,000 Depreciation on the old equipment was last recorded on December 31, 2020 (Use the fair market value method to record the trade in ) Record purchase of office equipment Record depreciation for warehouse equipment Record sale of warehouse equipment Record depreciation for office equipment Record sale of office equipment Record trade in old office equipment for new office equipment Record trade in old warehouse equipment for new warehouse equipment

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Selected transactions of the Harrel Company are listed below. The company uses the straight-line method of depreciation. 2019 Jan. 5 Purchased office equipment at a

Selected transactions of the Harrel Company are listed below. The company uses the straight-line method of depreciation.

2019
Jan.	5	Purchased office equipment at a price of $6,000 FOB. The freight charge was $108; the installation charge was $300.
April	1	Sold warehouse equipment for $4,000 in cash. The equipment was purchased on January 3, 2016, for $24,000. The equipment has a useful life of five years and a salvage value of $2,000. Depreciation was last recorded on December 31, 2018.
July	1	Sold office equipment for $3,100 in cash. The equipment was purchased on July 3, 2016, for $3,500. The equipment has a useful life of five years and a salvage value of $600. Depreciation was last recorded on December 31, 2018.
2020
Jan.	2	Traded in office equipment for new equipment that is similar. The list price of the new office equipment is $21,000. Paid $19,000 cash and received a trade-in allowance of $2,000 for the old equipment. The old equipment had been purchased on January 3, 2016, for $19,000. The old equipment had an estimated useful life of four years and a salvage value of $1,000. Depreciation on the old equipment was last recorded on December 31, 2019. (Use the income tax method to record the trade-in.)
Jan.	4	Traded in warehouse equipment for new equipment that is similar. The list price of the new warehouse equipment is $32,000. Paid $31,000 cash and received a trade-in allowance of $1,000 for the old equipment. The old equipment had been purchased on January 4, 2016, for $30,000. The old equipment had an estimated useful life of four years and a salvage value of $2,000. Depreciation on the old equipment was last recorded on December 31, 2020. (Use the fair market value method to record the trade-in.)