Check my work On January 2, Bering Co. disposes of a machine costing $53,700 with accumulated depreciation of $28,928. Prepare the entries to record the disposal under each separate situation. 1. The machine is sold for $20,776 cash 2. The machine Is traded in for a new machine having a $70,200 cash price. A $25,571 trade-in allowance is received, and the balance is paid in cash. Assume the asset exchange has commercial substance. 3. The machine is traded in for a new machine having a $70,200 cash price. A $19,178 trade-in allowance is received and the balance is paid in cash. Assume the asset exchange has commercial substance. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 The machine is sold for $20,776 cash. View transaction list View journal entry worksheet No Date General Journal Debit Credit 1 Jan 02 Cash 20,776 Accumulated depreciation-Machinery (old) 28,928 Loss on sale of machinery 3,996 53,700 Machinery (old) Required 1 Required 2 Required 3 The machine is traded in for a new machine having a $70,200 cash price. A $25,571 trade-in allowance is received, and the b paid in cash. Assume the asset exchange has commercial substance. View journal entry worksheet View transaction list No Date General Journal Debit Credit Machinery (new) Accumulated depreciation-Machinery (old) Jan 02 70,200 Required 1 Required 3 Required 1 Required 2 Required 3 The machine is traded in for a new machine having a $70,200 cash price. A $19,178 trade-in allowance is received, and the bal paid in cash. Assume the asset exchange has commercial substance. View transaction list View journal entry worksheet No Date General Journal Debit Credit Machinery (new) Loss on exchange of machinery Accumulated depreciation-Machinery (old) Jan 02 70,200 Machinery (old) 53,700 es Cash