Prepare the entries for the following transactions using a general journal:
1. Discarding an asset.
(a) On January 4, shelving units, which had a cost of $6,400 and had accumulated depreciation of $5,900, were discarded.
(b) On June 15, a hand cart, which had a cost of $1,500 and had accumulated depreciation of $1,350, was sold for $150.
(c) On October 1, a copy machine, which had a cost of $7,200 and had accumulated depreciation of $6,800, was sold for $450.
2. Exchange or trade-in of assets.
(a) On December 31, a drill press, which had a cost of $60,000 and had accumulated depreciation of $48,000, was traded in for a new drill press with a fair market value of $75,000. The old drill press and $65,000 in cash were given for the new drill press.
(b) On December 31, the old drill press in (a) and $60,000 in cash were given for the new drill press.