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 $7,200 and accumulated depreciation of $6,900, were discarded.

(b) On June 15, a hand cart, which had a cost of $2,500 and accumulated depreciation of $2,250, was sold for $250.

(c) On October 1, a copy machine, which had a cost of $5,200 and accumulated depreciation of $4,800, was sold for $500.

2. Exchange or trade-in of assets.

(a) On December 31, a drill press, which had a cost of $50,000 and accumulated depreciation of $37,500, was traded in for a new drill press with a fair market value of $55,000. The old drill press and $40,000 in cash were given for the new drill press.

(b) On December 31, the old drill press in (a) and $45,000 in cash were given for the new drill press.