dule 2 Homework On January 2, Bering Co. disposes of a machine costing $50,500 with accumulated depreciation of $27,204. Prepare the entries to record the disposal under each separate situation 1. The machine is sold for $19,538 cash, 2. The machine is traded in for a new machine having a $67,000 cash price. A $24,047 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 $67,000 cash price. A $18,036 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 traded in for a new machine having a $67,000 cash price. A $18,036 trade-in allowance is received, and the balance is peld in cash. Assume the asset exchange has commercial substance. View transaction list Journal entry worksheet Record the exchange assuming that the exchange has commercial substance. Jan 02 General Journal Machinery new Accumulated depreciation Machinery (old) Loss on exchange of machinery Doll 87,000 Credit Machinery (old) Record entry Clear entry View general journal