Journal Entries: Disposition of Plant Assets 1. Discarding an asset. On January 4, shelving units, which had a cost of $6,360 and had accumulated depreciation of $5,790, were discarded. On

Journal Entries: Disposition of Plant Assets 1. Discarding an asset. On January 4, shelving units, which had a cost of $6,360 and had accumulated depreciation of $5,790, were discarded. On June 15, a hand cart, which had a cost of $1,430 and had accumulated depreciation of $1,310, was sold for $120. On October 1, a copy machine, which had a cost of $7,740 and had accumulated depreciation of $7,250, was sold for $550. 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. On December 31, a drill press, which had a cost of $59,990 and had accumulated depreciation of $48,910, was traded in for a new drill press with a fair market value of $74,250. The old drill press and $65,170 in cash were given for the new drill press. On December 31, the old drill press in (a) and $60,430 in cash were given for the new drill press. If an amount box does not require an entry, leave it blank. Prepare the entries for the transactions using a general journal.

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