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6 Accounting for Property, Plant, Equipment, and Intangible Assets MIN) 16B-4. Journalize the following transactions...

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6 Accounting for Property, Plant, Equipment, and Intangible Assets MIN) 16B-4. Journalize the following transactions for the Round Company and show all calculations: 5500 Dr. 2017 Jan. 1 Sold a truck for $1,300 that cost $6,700 and had accumulated depreciation of $6,000. Feb. 10 A machine costing $3,100 with accumulated depreciation of $2,150 was destroyed in a fire. The insurance company settled the claim for $450. May 1 Traded in a machine costing $18,000 with $14,500 of accumulated depreciation for a new machine costing $25,100 with a trade-in allowance of $3,000. Note that depreciation is up-to-date. The loss is to be recognized. July 8 Traded in a machine costing $46,000 with $34,000 of accumulated depreciation (which is up-to-date) for a new machine for a cash price of $47,000 and a trade-in allowance of $15,000. Aug. 9 Journalize the May 1 transaction using the income tax method. Sept. 12 A truck costing $7,500 and fully depreciated was disposed of

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