Accounting Jeans Etc traded in its old laser printer fo

Accounting
Jeans Etc traded in its old laser printer for a new laser printer at the beginning of March. After updating depreciation prior to the trade-in the accumulated depreciation account for the new laser printer had a balance of $4700 and the original cost of the printer was $6500. The new printer sells for $8900 and the dealer is willing to give Jeans Etc. a trade in allowance on the old printer.
Required:
Prepare the journal entry to record the trade-in assuming a trade-in allowance of $1200 with the balance paid in cash.
Prepare the journal entry to record the trade-in assuming a trade-in allowance of $2300 with the balance paid in cash.
Attachments: