6) On January 1, 2017, Frostburg Company purchased for $68,500, equipment having a service life of six years and an estimated residual value of $4,000

6) On January 1, 2017, Frostburg Company purchased for $68,500, equipment having a service life of six years and an estimated residual value of $4,000. Frostburg has recorded depreciation of the equipment using the straight-line method. On December 31, 2019, before making any annual adjusting entries, the equipment was exchanged for new machinery having a fair value of $35,000. The transaction has commercial substance. Use this information to make a all General Journal entries (without explanation) required to record the events for December 31, 2019.

General Journal

Date Account Debit Credit

8)Frederick Mining Company owns a large parcel of land which costs $950,000. It is estimated to contain 1,900,000 tons of recoverable ore. It is estimated that the recovery of the ore will take 10 years and that after the ore is fully depleted the land will be sold for a market value of $100,000. In 2018, Frederick extracted and sold 135,000 tons of ore. What is the amount of depletion that should be recorded? Round total the nearest whole dollar.