Prepare Journal Entries for the Following Transactions for Sanchez Co

Essay

Prepare journal entries for the following transactions for Sanchez Co. using the general journal.
Feb. 28
Machinery that cost $57,000 and had accumulated depreciation of $46,000 was sold for $2,500.
Apr. 10
A van that cost $23,700 and had accumulated depreciation of $21,000 was sold for $1,250.
July 16
Equipment 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. 11
Equipment 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. 10
A 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.
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