Cooper Industries had a piece of equipment that cost $29,000 and had accumulated depreciation of $23,000.

Requirement

1. Record the disposition of the equipment assuming the following independent situations:

a. Cooper discarded the equipment, receiving $0.

b. Cooper sold the equipment for $7,500 cash.

c. Cooper traded the equipment in on a new piece of equipment costing $32,000. Cooper was granted an $8,000 trade-in allowance for the old equipment and paid the difference in cash.

d. Cooper traded the equipment in on a new piece of equipment costing $26,000. Cooper was granted a $3,500 trade-in allowance for the old equipment and signed a note payable for the difference?